The Kremlin reportedly gathered proposals from businesses about which sanctions should be lifted in preparation for ceasefire talks with Washington.
US President Donald Trump pledged to lift some sanctions if Russia agrees to a ceasefire, warning of harsher measures if negotiations fail.
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Russia’s Ministry of Industry and Trade sent forms to companies, asking which sanctions most urgently needed to be lifted, Reuters reported.
The biggest issue for Russian businesses remains transactions in dollars and euros, Reuters wrote referencing two industry sources.
The US disconnected Russian banks from the SWIFT international payment system, forcing companies to reroute transactions through other countries and alternative currencies. This slows operations and raises cost.
“The most painful and dangerous restrictions involve dollar payments,” a Reuters source said. Payment difficulties delay deliveries and complicate the receiving funds.
Without access to dollar and euro markets via SWIFT, Russian companies keep searching for alternatives through third countries.
Some Chinese banks, fearing secondary sanctions, avoid working with Russian financial institutions, making transactions even harder, Reuters wrote.
Three Reuters sources also highlighted problems with oil sanctions, including restrictions on Russia’s tanker fleet. Key oil extraction and distribution companies also remain under sanctions.
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The Kremlin continues to call all sanctions imposed on it for its full-scale invasion of Ukraine illegal and demands their removal. However, spokesman Dmitry Peskov refused to disclose details.
“Announcing specific demands before negotiations makes no sense,” Peskov said.
Earlier, Russian business representatives met with head of the American Chamber of Commerce (AmCham) in Russia Robert Agee to discuss the sectors in which foreign companies would primarily like to see sanctions lifted.
Alexander Shokhin, head of the Russian Union of Industrialists and Entrepreneurs (RSPP) told RIA Novosti that the priority sector is “civil aviation, spare parts, components, and maintenance of civilian aircraft.”
“At the same time, we naturally welcome the return of Russian banks to the SWIFT system and the normalization of payment and settlement relations,” Shokhin told RIA Novosti.
How Western sanctions have hit Russia’s economy
Renaissance Capital analyst Andrei Meleshenko argued that even if the US eases sanctions, the payment system won’t fully recover, as Europe may not support the move.
Some $300 billion in Russian assets remain frozen in the West, mainly in Europe.
Meanwhile, some Russian business leaders expect no relief, Reuters wrote.
Herman Gref, head of Russia’s largest bank, Sberbank, said the bank is preparing for even stricter sanctions.
“Even if tensions ease, that won’t make things any easier for us,” Eduard Gudkov, CEO of Novatek, Russia’s largest private gas producer said.
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