Which American investment giant is behind the attempt to loosen sanctions against Moscovia

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On the eve of Kirill Dmitriev's meeting with US Presidential Special Representative Witkoff, Putin signed a separate presidential directive allowing a subsidiary of Goldman Sachs to sell previously blocked shares in nine energy companies in Moscovia:  ‘’Gazprom,‘’ ‘’Novatek,‘’ ‘’Rostelecom,‘’ ‘’Surgutneftegaz,‘’ ‘’NLMK,‘’ ‘’Rosneft,‘’ ‘’Tatneft,‘’ ‘’Lukoil,‘’ and ‘’Inter RAO UES.‘’

This exceptional treatment of Goldman Sachs among other US companies that continue to be subject to Moscow's mirror sanctions deserves special analysis.

The role of Goldman Sachs in sanctions policy

In January, another subsidiary of Goldman Sachs received Putin's personal permission to sell the previously blocked Balchug Capital fund. By the way, the permission to sell shares in 9 energy companies is linked to the assets of Balchug Capital.

Since 5 March 2025, for the first time since the sanctions were imposed after 24 February 2022, Goldman Sachs has offered its clients financial instruments linked to the ruble (derivatives), which indicates a gradual widening of the idea (the ‘Overton window’) of Western companies cooperating with the Moscow market.

Goldman Sachs in Trump's power structure

During Donald Trump's first term in office, the term ‘Government Sachs’ was coined to indicate the strong influence of Goldman Sachs investment bankers on American politics. For example, former Goldman Sachs partner Steven Mnuchin was appointed US Treasury Secretary during Trump's first term.

In the second term, this influence allegedly decreased in favour of tech-companies, but investment bankers have kept their privileged position. The influence of Goldman Sachs remained significant, although less public, so as not to spoil Trump's image among voters from lower social class. In addition, during his first term, Goldman Sachs was involved in several scandals related to its contacts with Moscow.

Goldman Sachs as a tool for lifting sanctions

An immediate lifting of US sanctions against Moscovia is highly unlikely, as it would trigger a strong international and domestic reaction to the White House's actions. However, the Kremlin's main need is a gradual weakening of sanctions in the so-called ‘goodwill gesture’ format. 

Meanwhile, big US business, in particular Goldman Sachs, has two main motives for weakening sanctions against Moscow:

1. Unlocking their own assets blocked by the Kremlin.

2. Restoration of profitable commodity-investment operations, which are currently limited by sanctions.

The gradual weakening of sanctions by Goldman Sachs is obviously a test to see what reactions will be and could be a potential step towards a broader loosening of restrictions. In fact, the company is acting on the principle of the ‘Overton Window’, gradually normalising the idea of renewing business relations with Moscow.

Why Goldman Sachs?

Goldman Sachs was chosen as part of the potential ‘Vitkoff-Dmitriev pact’ to legalise the weakening of sanctions due to three key factors:

1. The company is a global financial player with significant influence on markets and political processes.

2. It maintains close connections with the Trump administration and can use lobbying mechanisms.

3. The most important factor is that Kirill Dmitriev, Putin's special representative, has long-standing ties with Goldman Sachs dating back to the 1990s.

We have already noted that Kirill Dmitriev, director of the Russian Direct Investment Fund, uses a business approach to communicate with the Trump administration and his inner circle, rather than classic diplomatic negotiations. This is the main line of communication between Dmitriev and Trump's special envoy, Witkoff.

Therefore, within the framework of a possible informal pact between Dmitriev and Witkoff, an attempt to normalise the idea of weakening sanctions through Goldman Sachs is quite logical.

Moreover, we believe that the Kremlin's particularly favourable attitude towards Goldman Sachs compared to other US corporations and investment giants is a sign of Goldman Sachs' involvement in broader processes to pursue Moscow's interests.