Razom We Stand, a Ukrainian-led organization working to cut Russia’s fossil fuel revenues, today urges the US administration not to lift sanctions on the Russian Direct Investment Fund (RDIF). The New York Times reported yesterday that the Treasury Department is reviewing the fund’s request to be removed from the sanctions list.
When Treasury sanctioned RDIF in February 2022, days after Russia’s full-scale invasion of Ukraine, it said the fund was widely considered a slush fund for President Vladimir Putin. According to the Times, the fund is involved in arranging Russian diesel sales to the United States.
Dr. Svitlana Romanko, founder and executive director of Razom We Stand, said;
“Lifting sanctions on Russia’s sovereign wealth fund would reward the Kremlin while its missiles and drones strike Ukrainian cities almost every night. Russian oil and diesel revenues help fund this war, and won’t benefit Americans, which is why lawmakers from both parties are right to oppose these imports. Sanctions relief should come only once Russia ends its attacks, not as a bargaining chip in fuel deals.”
The review comes as the first tankers carrying Russian diesel under a new US license cross the Atlantic. The Financial Times reported that three tankers carrying about 140,000 tonnes of Russian diesel are due at US ports in early November, one of them under US sanctions. On 26 October, a bipartisan group of lawmakers, including Sen. Thom Tillis (R-NC) and senior Democrats, warned banks, port authorities and fuel distributors that importing Russian diesel could lead to congressional investigations and legal action.
“Ukrainians are heading into another winter of attacks on our homes and power plants,” Dr. Romanko added. “Every concession to Moscow tells the Kremlin it can keep this war going and still be rewarded.”
Razom We Stand calls on the administration to keep sanctions on RDIF in place, and on Congress and the administration to uphold the 2022 law banning imports of Russian petroleum products.
