Russian Memorandum Outlines Economic Framework Tied to Ukraine War Resolution

An internal memorandum from the Russian Federation, drafted in early 2026 and subsequently reviewed by Bloomberg, details a comprehensive framework for a broad economic partnership with a prospective United States administration under President Donald Trump. This proposal explicitly conditions the economic alignment on a negotiated cessation of the conflict in Ukraine.

The document, which circulated among senior Russian officials, outlines seven distinct sectors for economic cooperation between Moscow and Washington. The central element of this proposed economic détente is the potential return of Russia to the US dollar settlement system, marking a significant departure from the de-dollarization policy that gained traction after the 2022 invasion of Ukraine. Analysts suggest this shift could undermine the de-dollarization efforts of the BRICS bloc and serve as a strategic achievement for the Trump administration in its goal to weaken economic ties between Moscow and Beijing.

Ukrainian President Volodymyr Zelensky publicly revealed aspects of this framework, terming it the “Dmitriev package,” and immediately asserted that Ukraine would not endorse any agreements concerning its future made without Kyiv's direct involvement. The package, reportedly valued near $12 trillion, was presented in the US by Kirill Dmitriev, Russia's Special Presidential Envoy on Foreign Investment and Economic Cooperation, who has been under US sanctions since 2022. Dmitriev, known for back-channel negotiations, has previously met with Trump allies, including Jared Kushner and special envoy Steve Witkoff.

The seven proposed cooperation sectors are extensive, focusing on areas of potential economic convergence. These include long-term contracts for US aircraft supply and possible US participation in Russian aerospace manufacturing, joint ventures in oil and Liquefied Natural Gas (LNG) extraction, and collaboration on raw materials such as lithium, copper, nickel, and platinum. Further components involve offering preferential terms for the return of American companies to the Russian consumer market, cooperation in nuclear energy utilizing artificial intelligence applications, and a joint push to promote fossil fuels as an alternative to the low-emission solutions favored by Europe and China.

Diplomatic activity reportedly continues, with Ukraine having accepted a US proposal for the next round of peace talks scheduled for the following week, though official confirmation from the Kremlin remains pending. Western officials familiar with the memorandum noted that certain provisions appear strategically crafted to increase divisions between the United States and its European allies regarding Ukraine policy. Conversely, others view these extensive offers as potentially distant proposals, significant in scope but perhaps not intended for full realization, serving instead as leverage to secure a favorable deal for Moscow.