BRICS member Russia is exploring major partnerships with the U.S. to help its economy stay afloat. The Biden administration pressed sanctions on Russia in February 2022 for invading and waging war against its neighboring country Ukraine. The White House sent billions to Zelensky through funds, warplanes, and military equipment. Despite receiving billions, Zelensky repeatedly demanded more and gained funds from the U.S. and the European Union (EU).
Also Read: De-Dollarization: The Idea of Undermining the US Dollar Is Dead
Russia is now eyeing deals with the Trump administration to save its economy from collapsing. The U.S. and BRICS member Russia discussed possible cooperation on energy projects in the Arctic during a meeting in Saudi Arabia. Kirill Dmitriev, the head of the state-owned Russian Direct Investment Fund (RDIF) confirmed that both sides negotiated some “specific areas of cooperation” and also discussed other economic policies in broad strokes.
Also Read: BRICS: 2 Countries ‘Commit’ To Ditch the US Dollar
BRICS: Russia & U.S. Look at Energy Projects in the Arctic Region
Dmitriev revealed that BRICS member Russia and the U.S. may initiate joint energy projects in the Arctic region. “It was more a general discussion — maybe joint projects in the Arctic. We specifically discussed the Arctic,” Dmitriev said. The discussions are yet to turn into official policy as both sides are weighing their options.
Also Read: BRICS: 2 Countries Ditch US Dollar, Settle 90% Trade in Local Currency
If the deal goes through with the U.S., BRICS member Russia could get an economic boost that could bolster its GDP. Russia’s economy has been stagnant and Putin was finding alternative options to settle trade. Trump made it clear that he wants the U.S. to dominate the oil and gas sector leaving no room for others.
Dmitriev said that BRICS member Russia is confident that a new energy deal with the U.S. could go through. Russia is “Positive after the Biden administration destroyed all of the communication, and destroyed all of the discussion,” he said. A new chapter in the energy sector could open up if the U.S. and Russia’s Arctic oil deal goes through.