Putin's spokesman says sanctions are 'fading in spirit'

Sanctions will probably not be lifted immediately, but their "spirit will fade," Boris Titov noted. He said he expected the accounts of unsanctioned companies to be unfrozen, Western brands to return to Russia, and visas to be issued again. Boris Titov

After the meeting of the Russian and US delegations in Riyadh, sanctions will probably not be lifted immediately, but their "spirit will fade." This was stated by the special representative of the president for relations with international organizations to achieve sustainable development goals, Boris Titov, according to a report received by RBC.

“We are waiting for the unfreezing of accounts of unsanctioned companies, the return of Western brands to Russia, and the resumption of issuing visas,” he noted.

In his opinion, market participants will stop interpreting sanctions broadly, and banks and businesses will “stop blowing on cold water” and will not limit interaction even in the absence of direct sanctions bans.

On Tuesday, February 18, for the first time since the start of the military operation in Ukraine, Moscow and Washington held a high-level meeting in Riyadh. It lasted four and a half hours. The Ukrainian delegation was not present at the meeting; Kiev refused to recognize the results of these negotiations in advance.

The head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev, who was responsible for the economic aspect at the negotiations with the US in Riyadh, said that some American companies will return to the Russian market in the second quarter of 2025. He also estimated the losses of American businesses from leaving the Russian market at more than $300 billion.

Before the meeting, he told a New York Times reporter: "American oil companies have done very successful business in Russia. We believe that at some point they will come back, because why would they give up the opportunity to access Russia's natural resources?"

US Secretary of State Marco Rubio promised that the United States would lift sanctions against Russia if the conflict between Moscow and Kiev was resolved. According to Bloomberg , the politician promised the European Union that the restrictive measures would remain in place until the conflict was resolved.

Moscow considers any Western restrictions illegal and demands that they be lifted. In the spring of 2022, Russia became the leader in the number of sanctions imposed against it, overtaking Iran, Syria and the DPRK, Bloomberg wrote.

Earlier, the Union of Shopping Centers sent invitations to Uniqlo, H&M and Inditex (which owns the brands Zara, Massimo Dutti, Bershka, Pull & Bear and others) with a proposal to return to the Russian market. Vice President of the organization Pavel Lyulin noted that these companies have not completely severed ties with Russia, so they can return first.

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