Official: US firms suffer $300 billion losses due to sanctions imposed under Biden

American firms have reportedly suffered losses amounting to $300 billion as a result of sanctions imposed on Russia under former President Joe Biden’s administration, according to Kirill A. Dmitriev, CEO of the Russian Direct Investment Fund (RDIF).

Dmitriev criticised the sanctions policy on X, describing the financial impact on US companies as “Biden stupidity,” Caliber.Az reports. 

$300,000,000,000 💸
⁰That’s the cost of Biden’s sanctions on Russia — paid by American companies.

As @realDonaldTrump acknowledges that the US companies have lost money because of the US sanctions on Russia, we’ve said it before: $300 billion of Biden stupidity. 🤦‍♂️ https://t.co/gJzF6J1CNQ

— Kirill A. Dmitriev (@kadmitriev) June 16, 2025

He referenced President Donald Trump, who has acknowledged the economic toll the sanctions have had on American businesses.

The sanctions, introduced following Russia’s actions in Ukraine, were intended to pressure Moscow economically.

Note that, under Biden’s administration, US sanctions on Russia have intensified significantly in response to Moscow’s aggression, particularly following the full-scale invasion of Ukraine in February 2022.

Building upon sanctions imposed by previous administrations, Biden’s government expanded restrictions targeting Russia’s financial, energy, and defence sectors.

The Biden administration coordinated closely with allies to implement sweeping sanctions, including banning the import of Russian oil, gas, and coal, aiming to cut off vital revenue streams funding the war.

The US also sanctioned major Russian banks by excluding them from the SWIFT international payment system, severely limiting their ability to conduct global transactions.

High-profile individuals, including oligarchs and Kremlin insiders, faced asset freezes and travel bans. Additionally, the US imposed restrictions on technology exports critical to Russia’s military and industrial capabilities.

By Aghakazim Guliyev