ECONOMY
What Could Postwar Economic Cooperation Between Russia and the US Look Like?
September 13, 2025
- Robert AgeePresident of AmCham Russia
Robert Agee, who heads AmCham Russia, gave an interview to RBC about the prospects for commercial relations between Russia and the US moving forward. Among the most promising areas are the Arctic and rare earth metals.
At the first face-to-face meeting between the leaders of Russia and the US in four years, the agenda, it seems, was not limited to the settlement of the war in Ukraine, but also included cooperation between the two countries in the business sphere. The importance of the latter portfolio for the US side was seemingly underscored by the significant last-minute change in the delegation for Alaska: US Vice President Vance was replaced by US Secretary of Commerce Howard Lutnik.
Ahead of the Alaska summit, Donald Trump said he appreciated that Russians want to do business before vowing that “they are not doing business until we get the war settled.” Vladimir Putin, after the summit, noted: “Russia-US business and investment partnership has enormous potential. Russia and the US have something to offer each other in trade, energy, the digital sphere, high tech and space exploration. Cooperation in the Arctic, resumption of interregional contacts, including between our Far East and the American West Coast, also seem relevant.”
RBC journalist Yuri Tamantsev sat down with Robert Agee, president and CEO of AmCham Russia, about possible forms of business cooperation between Russia and the US.
Ahead of the Alaska summit, Donald Trump said he appreciated that Russians want to do business before vowing that “they are not doing business until we get the war settled.” Vladimir Putin, after the summit, noted: “Russia-US business and investment partnership has enormous potential. Russia and the US have something to offer each other in trade, energy, the digital sphere, high tech and space exploration. Cooperation in the Arctic, resumption of interregional contacts, including between our Far East and the American West Coast, also seem relevant.”
RBC journalist Yuri Tamantsev sat down with Robert Agee, president and CEO of AmCham Russia, about possible forms of business cooperation between Russia and the US.
Vladimir Putin shaking hands with President Donald Trump after a joint news conference in Alaska
Source: Kremlin.ru
Source: Kremlin.ru
Tamantsev: Here is what is interesting. From a media perspective, the meeting was announced very poorly. All attention was focused on the main negotiations between the presidents in the three-on-three format. But there were at least two other groups of negotiators that no one mentioned. These were the Russian Defense Minister, Andrei Belousov and the head of the Pentagon, who urgently flew to Alaska, where he had not been expected. What they discussed during the negotiations is unknown. And then, of course, the group we are interested in: Russian Finance Minister Anton Siluanov, the main negotiator on business issues Kirill Dmitriev and Lutnik. It is unlikely these people were just sitting in their hotel rooms. Nothing has been said about them, but we can assume that the meetings took place.
Agee: Yes, I think they did discuss something. We do not yet know what exactly. But the fact that they met is already good news. As we discussed earlier, the summit was unexpected; it was organized very quickly. In just a week, they managed to prepare a meeting between President Putin and President Trump and their teams. First of all, the location was symbolic: Alaska, a former Russian territory associated with World War II and other important events. It was a positive symbol. As you rightly said, Lutnik’s arrival is also an important signal. What they discussed is still unknown, but I consider the participation of Dmitriev and other Russian officials an important step forward. You could call it a kind of dance between Russia and the US.
Tamantsev: What can really bring together the business interests of Moscow and Washington? The logical conclusion is that the US president needs a strategic partner in Russia. The areas for restoring Russia-US cooperation are theoretically quite broad. But only theoretically. From 2011 to 2014, trade between Russia and the US fell from $31 billion to just over $3 billion. These figures show that even before sanctions, trade between Russia and the US was moderate. It is obvious our countries have not historically been major trading partners.
Agee: I would say the difference between the US and, say, China is the business model. The US not only trades, but also invests. Our companies, with more than 30 years of experience in Russia, have invested about $100 billion, built about 50 factories and created a huge number of jobs. This is a different business model from Chinese companies, which are more focused on trade. We conducted a survey in 2020: 70% of companies said Russia was strategically important for them. This means they saw long-term prospects here. Now, despite the pressure, about 200-250 companies continue to work in Russia. They have invested a lot of money and do not want to lose it.
Tamantsev: You said that 70% of companies saw Russia as a strategic partner. What about now?
Agee: The situation has changed. We have not repeated the survey, but I think if companies were to look at Russia with a five-year horizon, many would still see potential. It is just that political barriers stand in the way now.
Tamantsev: Jumping ahead a bit, what companies are these, in what sectors? After all, the average Russian wonders: why do we need US business in Russia? To export Russian natural resources even faster?
Agee: I would say that most of the companies that remain are in the FMCG sector. There are many pharmaceutical companies and medical equipment manufacturers, where the US is traditionally strong. These companies have not exited. Those that did were related mostly to tech. And many of them left not because of sanctions, but on their own initiative. We should understand: some companies left under pressure, others because it became impossible to continue operations.
Tamantsev: We had agreed to leave politics out of it for the most part today, but business without politics is impossible, especially nowadays. US companies built factories here?
Agee: Yes, but it was not widely publicized. For example, McDonald’s, when they opened their first restaurant, they simultaneously built a factory in Odintsovo (a Moscow suburb – RP). That was in the early 1990s. They invested about $10-15 million at the time. It was part of a rollout plan: you could not open a restaurant without McDonald’s own production and quality control. And that is just one example.
Tamantsev: A reader might think: fine, McDonald’s, but what about serious investments in industry? Car factories, billions of dollars?
Agee: $100 billion is real investments in factories, projects and jobs. It is not just the stock market. For example, projects on Sakhalin. We are talking about real business.
Tamantsev: You mentioned that a key signal for revitalizing bilateral business relations could be a large joint investment project backed by the Russian and US presidents. What do you mean?
Agee: First off, we are talking about the Arctic. Cutting the shipping route from Asia to Europe via the Northern Sea Route almost in half saves time and money. This is hundreds of billions of dollars in potential benefits. In addition, an important topic is rare earth metals. China has a monopoly on them, yet for the US they are strategically important. Thus, such projects could become the basis for a rapprochement.
Tamantsev: Rare earth metals – how interesting is that for the Russian side?
Agee: Russia has rare earth metal deposits, but developing them requires investment and technology. The question is what terms will be offered and how flexible the sides will be.
Tamantsev: Perhaps an economic rapprochement should be gauged primarily through business-to-business projects. Such projects may not be announced publicly, but there may be behind-the-scenes discussions going on.
Agee: Absolutely right. Companies thinking about returning to Russia are waiting mostly for the green light from Washington. That is the first factor. The second is Russia’s policy: do they want to see US companies here? The third is the terms. In particular, the possibility of transferring dividends abroad. This is one of the main problems now.
Tamantsev: Who are you discussing it with?
Agee: We, AmCham Russia, are discussing it directly with the Finance Ministry and other government agencies. Companies want transparent conditions. Those who stayed have earned profits, but they cannot transfer them out of the country in the form of dividends. Those who exited say: if even those who stayed cannot get profits out of the country, then what is the point of coming back?
Tamantsev: The Russian side fears that if dividends are allowed to be taken out, the companies may leave for good. Is that well founded?
Agee: I would say the opposite: the ability to take out profits will signal that Russia is open for business. This will build trust.
Tamantsev: How many US companies remain in Russia?
Agee: According to our data, about 250. Until February 2022, there were more than 650. Some companies stayed, others operate in a limited format, still others left, selling assets to new, Russian owners.
Agee: Yes, I think they did discuss something. We do not yet know what exactly. But the fact that they met is already good news. As we discussed earlier, the summit was unexpected; it was organized very quickly. In just a week, they managed to prepare a meeting between President Putin and President Trump and their teams. First of all, the location was symbolic: Alaska, a former Russian territory associated with World War II and other important events. It was a positive symbol. As you rightly said, Lutnik’s arrival is also an important signal. What they discussed is still unknown, but I consider the participation of Dmitriev and other Russian officials an important step forward. You could call it a kind of dance between Russia and the US.
Tamantsev: What can really bring together the business interests of Moscow and Washington? The logical conclusion is that the US president needs a strategic partner in Russia. The areas for restoring Russia-US cooperation are theoretically quite broad. But only theoretically. From 2011 to 2014, trade between Russia and the US fell from $31 billion to just over $3 billion. These figures show that even before sanctions, trade between Russia and the US was moderate. It is obvious our countries have not historically been major trading partners.
Agee: I would say the difference between the US and, say, China is the business model. The US not only trades, but also invests. Our companies, with more than 30 years of experience in Russia, have invested about $100 billion, built about 50 factories and created a huge number of jobs. This is a different business model from Chinese companies, which are more focused on trade. We conducted a survey in 2020: 70% of companies said Russia was strategically important for them. This means they saw long-term prospects here. Now, despite the pressure, about 200-250 companies continue to work in Russia. They have invested a lot of money and do not want to lose it.
Tamantsev: You said that 70% of companies saw Russia as a strategic partner. What about now?
Agee: The situation has changed. We have not repeated the survey, but I think if companies were to look at Russia with a five-year horizon, many would still see potential. It is just that political barriers stand in the way now.
Tamantsev: Jumping ahead a bit, what companies are these, in what sectors? After all, the average Russian wonders: why do we need US business in Russia? To export Russian natural resources even faster?
Agee: I would say that most of the companies that remain are in the FMCG sector. There are many pharmaceutical companies and medical equipment manufacturers, where the US is traditionally strong. These companies have not exited. Those that did were related mostly to tech. And many of them left not because of sanctions, but on their own initiative. We should understand: some companies left under pressure, others because it became impossible to continue operations.
Tamantsev: We had agreed to leave politics out of it for the most part today, but business without politics is impossible, especially nowadays. US companies built factories here?
Agee: Yes, but it was not widely publicized. For example, McDonald’s, when they opened their first restaurant, they simultaneously built a factory in Odintsovo (a Moscow suburb – RP). That was in the early 1990s. They invested about $10-15 million at the time. It was part of a rollout plan: you could not open a restaurant without McDonald’s own production and quality control. And that is just one example.
Tamantsev: A reader might think: fine, McDonald’s, but what about serious investments in industry? Car factories, billions of dollars?
Agee: $100 billion is real investments in factories, projects and jobs. It is not just the stock market. For example, projects on Sakhalin. We are talking about real business.
Tamantsev: You mentioned that a key signal for revitalizing bilateral business relations could be a large joint investment project backed by the Russian and US presidents. What do you mean?
Agee: First off, we are talking about the Arctic. Cutting the shipping route from Asia to Europe via the Northern Sea Route almost in half saves time and money. This is hundreds of billions of dollars in potential benefits. In addition, an important topic is rare earth metals. China has a monopoly on them, yet for the US they are strategically important. Thus, such projects could become the basis for a rapprochement.
Tamantsev: Rare earth metals – how interesting is that for the Russian side?
Agee: Russia has rare earth metal deposits, but developing them requires investment and technology. The question is what terms will be offered and how flexible the sides will be.
Tamantsev: Perhaps an economic rapprochement should be gauged primarily through business-to-business projects. Such projects may not be announced publicly, but there may be behind-the-scenes discussions going on.
Agee: Absolutely right. Companies thinking about returning to Russia are waiting mostly for the green light from Washington. That is the first factor. The second is Russia’s policy: do they want to see US companies here? The third is the terms. In particular, the possibility of transferring dividends abroad. This is one of the main problems now.
Tamantsev: Who are you discussing it with?
Agee: We, AmCham Russia, are discussing it directly with the Finance Ministry and other government agencies. Companies want transparent conditions. Those who stayed have earned profits, but they cannot transfer them out of the country in the form of dividends. Those who exited say: if even those who stayed cannot get profits out of the country, then what is the point of coming back?
Tamantsev: The Russian side fears that if dividends are allowed to be taken out, the companies may leave for good. Is that well founded?
Agee: I would say the opposite: the ability to take out profits will signal that Russia is open for business. This will build trust.
Tamantsev: How many US companies remain in Russia?
Agee: According to our data, about 250. Until February 2022, there were more than 650. Some companies stayed, others operate in a limited format, still others left, selling assets to new, Russian owners.
Exxon Mobil oil refinery
WClarke / Wikicommons
WClarke / Wikicommons
Tamantsev: Putin has signed a decree allowing ExxonMobil to reclaim its stake in Sakhalin-1. Is this a positive signal?
Agee: Yes, it is a very smart and positive move. I think ExxonMobil will look at this opportunity very carefully.
Tamantsev: Before the summit, the idea of using Russian nuclear icebreakers to support gas production in Alaska was discussed. Can you confirm?
Agee: I cannot confirm specific details of the talks, but the idea seems logical. It is a large-scale project; there is potential.
Tamantsev: But Russia will provide icebreakers only in exchange for something.
Agee: Of course, such talks presuppose mutual steps. An important factor is sanctions. As long as they are in place, large-scale projects are impossible. The first step should be a peace agreement [in Ukraine], and the second step should be a relaxation of sanctions.
Tamantsev: But the US has become Russia’s main competitor in gas exports.
Agee: That is true. But the world market is growing, and there is room for everyone. The US also has production and export restrictions. So I think Russian and US gas can coexist.
Tamantsev: Which companies are lobbying to go back to Russia?
Agee: I cannot name specific names; many are operating quietly. But if you go into a store or a clinic, you see these companies’ products and equipment. They are here and now.
Tamantsev: Which sectors are potentially ready to return?
Agee: First of all, energy and IT. But it is too early to say that companies are queueing up: they are watching and waiting for conditions [to be laid out].
Tamantsev: But the main problem is the instability of diplomatic relations.
Agee: Yes, it is a serious risk. But companies look at Russia strategically, with a 5- to 10-year horizon.
Tamantsev: What about the companies that exited with a buyback option?
Agee: Many had 5-year contracts. The first expire in 2027. The ability to come back through call options will depend on the terms. But I think it would be a positive signal.
Tamantsev: Are US companies willing to pay to buy back their assets?
Agee: Some, yes. It will depend on the terms offered.
Tamantsev: But if Russia does not want to give back assets to their previous owners, will this be a barrier?
Agee: That is a strategic question. I think investors coming back would be beneficial: it is competition, technology, investment. Russia is not an isolated island – it needs new technology and capital.
Tamantsev: Does the US understand business in Russia will have to be done in a new way, based on mutual respect?
Agee: Those who talk about Russia as a “gas station” have never been here and do not understand its economy. Real businessmen see the potential and consider Russia a strategically important market.
Tamantsev: You recently called for a double taxation agreement to be reconsidered. Why?
Agee: This is important for investment. If a company pays taxes in one country, it should not have to pay the same taxes in another. The reinstatement of such an agreement would be a positive step.
Tamantsev: When might this happen?
Agee: If there is a peace agreement [in Ukraine], then within the next year. This is one of the steps to get investments back to Russia.
Expert: Talks have also been held on resuming direct flights between Russia and the US. Perhaps the decision will be made without additional leaders’ meetings. But Trump may make an unexpected move to make history.
Tamantsev: They say Trump wants to deal with issues directly with Putin and Xi. Are you a believer in such a configuration?
Agee: It could work. Trump likes direct contacts and rightly so: serious issues are resolved directly. If these meetings take place, it will be an important step.
Tamantsev: Perhaps in Moscow?
Agee: Maybe in Sochi or Moscow. That would be beneficial.
Tamantsev: There are few grounds for a quick resumption of cooperation. But looking at the Alaska summit and the signals before it, it seems everything can change very quickly. Even a small joint project could open the door to other areas. Do you agree?
Agee: Yes. This is the first step. Then there will be further ones. The main thing is that business can do business and transfer dividends. This will be good for both Russia and the US.
Agee: Yes, it is a very smart and positive move. I think ExxonMobil will look at this opportunity very carefully.
Tamantsev: Before the summit, the idea of using Russian nuclear icebreakers to support gas production in Alaska was discussed. Can you confirm?
Agee: I cannot confirm specific details of the talks, but the idea seems logical. It is a large-scale project; there is potential.
Tamantsev: But Russia will provide icebreakers only in exchange for something.
Agee: Of course, such talks presuppose mutual steps. An important factor is sanctions. As long as they are in place, large-scale projects are impossible. The first step should be a peace agreement [in Ukraine], and the second step should be a relaxation of sanctions.
Tamantsev: But the US has become Russia’s main competitor in gas exports.
Agee: That is true. But the world market is growing, and there is room for everyone. The US also has production and export restrictions. So I think Russian and US gas can coexist.
Tamantsev: Which companies are lobbying to go back to Russia?
Agee: I cannot name specific names; many are operating quietly. But if you go into a store or a clinic, you see these companies’ products and equipment. They are here and now.
Tamantsev: Which sectors are potentially ready to return?
Agee: First of all, energy and IT. But it is too early to say that companies are queueing up: they are watching and waiting for conditions [to be laid out].
Tamantsev: But the main problem is the instability of diplomatic relations.
Agee: Yes, it is a serious risk. But companies look at Russia strategically, with a 5- to 10-year horizon.
Tamantsev: What about the companies that exited with a buyback option?
Agee: Many had 5-year contracts. The first expire in 2027. The ability to come back through call options will depend on the terms. But I think it would be a positive signal.
Tamantsev: Are US companies willing to pay to buy back their assets?
Agee: Some, yes. It will depend on the terms offered.
Tamantsev: But if Russia does not want to give back assets to their previous owners, will this be a barrier?
Agee: That is a strategic question. I think investors coming back would be beneficial: it is competition, technology, investment. Russia is not an isolated island – it needs new technology and capital.
Tamantsev: Does the US understand business in Russia will have to be done in a new way, based on mutual respect?
Agee: Those who talk about Russia as a “gas station” have never been here and do not understand its economy. Real businessmen see the potential and consider Russia a strategically important market.
Tamantsev: You recently called for a double taxation agreement to be reconsidered. Why?
Agee: This is important for investment. If a company pays taxes in one country, it should not have to pay the same taxes in another. The reinstatement of such an agreement would be a positive step.
Tamantsev: When might this happen?
Agee: If there is a peace agreement [in Ukraine], then within the next year. This is one of the steps to get investments back to Russia.
Expert: Talks have also been held on resuming direct flights between Russia and the US. Perhaps the decision will be made without additional leaders’ meetings. But Trump may make an unexpected move to make history.
Tamantsev: They say Trump wants to deal with issues directly with Putin and Xi. Are you a believer in such a configuration?
Agee: It could work. Trump likes direct contacts and rightly so: serious issues are resolved directly. If these meetings take place, it will be an important step.
Tamantsev: Perhaps in Moscow?
Agee: Maybe in Sochi or Moscow. That would be beneficial.
Tamantsev: There are few grounds for a quick resumption of cooperation. But looking at the Alaska summit and the signals before it, it seems everything can change very quickly. Even a small joint project could open the door to other areas. Do you agree?
Agee: Yes. This is the first step. Then there will be further ones. The main thing is that business can do business and transfer dividends. This will be good for both Russia and the US.
Share this article
Read More
