An internal Kremlin document reviewed by Bloomberg outlines a proposed economic partnership with the Trump administration that would include Russia rejoining the dollar settlement system as part of a broader post-Ukraine war agreement.
The memo, circulated among senior Russian officials, identifies seven areas where Moscow believes U.S. and Russian economic interests could align following a peace deal. Central to the proposal is restoring Russia’s ability to transact in dollars, a dramatic reversal from Moscow’s recent push to move away from the U.S.-led financial system.
The document envisions joint oil and LNG ventures, cooperation on offshore and hard-to-recover reserves, and compensation opportunities allowing American firms to recover past losses in Russia. It also proposes long-term aviation contracts to modernize Russia’s aircraft fleet with potential U.S. manufacturing participation and preferential conditions for American companies to reenter Russia’s consumer market.
Other areas include cooperation on nuclear energy, including AI-related projects, partnerships on critical raw materials such as lithium, copper, nickel, and platinum, and a joint push to promote fossil fuels over climate-focused energy policies favored by Europe and China.
The memo argues Russia’s return to the dollar system would expand its foreign-exchange markets and stabilize its balance of payments, while strengthening the dollar’s global reserve status and potentially reducing global trade imbalances by leveling energy costs between China and the United States.
The proposals come as U.S. officials consider gradual sanctions relief as part of any Ukraine peace agreement, a prerequisite for restoring Russia’s access to dollar transactions.
