Russia seeks business input on sanctions relief ahead of talks with Washington

Russia is soliciting input from businesses on which sanctions Moscow should seek to have lifted before upcoming negotiations with the United States.

The most pressing restrictions, according to two Russian business figures who spoke to Reuters, are those that obstruct cross-border payment flows, per Caliber.Az.

US Secretary of State Marco Rubio stated on March 11 that it was now Russia’s turn to respond after Washington agreed to resume sharing military aid and intelligence with Kyiv. Ukraine had signalled its willingness to accept a US proposal for a 30-day ceasefire.

US President Donald Trump has warned that harsher sanctions could be imposed on Moscow if it does not engage in negotiations, but he has also indicated that sanctions relief is possible if Russia agrees to a ceasefire in Ukraine.

Two Russian industry sources revealed that the Ministry of Industry and Trade is actively consulting companies to determine which sanctions need to be lifted as a priority.

One of the sources mentioned that the ministry had distributed a form for businesses to complete, asking them to specify which sanctions had impacted them most and to identify the most sensitive restrictions. Reuters was unable to obtain a copy of the form.

Reuters interviewed a total of twelve people, including employees at major exporters, consultants, lawyers, economists, and advisers. Most of them requested anonymity to speak freely.

Those questioned by Reuters indicated that payment restrictions were the most burdensome. However, three of the sources also pointed to energy-related sanctions, particularly those affecting Russia’s oil tanker fleet.

"Everything has become much more expensive given transaction costs and settlements through third currencies," one source said. "So the most important, most dangerous, most painful is the restriction on settlements in dollars."

When asked about which specific sanctions Russia is seeking to have lifted, the Kremlin reiterated its longstanding position that all sanctions are illegal and should be removed.

One of the key concerns for Moscow is the enforcement of secondary sanctions, which largely depend on the United States. Loosening these measures could improve the acceptance of Russia's Mir payment cards, which were developed as an alternative to Visa and Mastercard.

However, the majority of Russia’s frozen sovereign assets—approximately $300 billion—are held in Europe, where leaders have maintained a stricter stance against Moscow than the US.

Another industrial sector source noted that acquiring ice-class tankers—a crucial component for Russia’s energy exports—has become increasingly difficult due to the payment restrictions.

A different source highlighted the severe impact of sanctions imposed at the end of the Joe Biden administration, which targeted vessels within Russia’s shadow fleet, major oil exploration firms, and networks involved in trading Russian oil.

Despite Russia's efforts to seek relief, some executives remain skeptical that any sanctions will be lifted.

German Gref, CEO of Russia’s largest lender Sberbank, stated that his bank operates under the assumption that sanctions will only be tightened.

Eduard Gudkov, deputy chairman of liquefied natural gas (LNG) producer Novatek’s board, echoed this sentiment last month: "One should not think that as geopolitical tensions ease, it will somehow ease our situation."

By Tamilla Hasanova