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Biden-Putin summit an opportunity to catch a ‘falling knife,’ high Russian official says

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This mixture of images created on March 17, 2021 exhibits US President Joe Biden(L) throughout remarks on the implementation of the American Rescue Plan within the State Eating room of the White Home in Washington, DC on March 15, 2021, and Russian President Vladimir Putin as he and his Turkish counterpart maintain a joint press assertion following their talks on the Kremlin in Moscow on March 5, 2020.

Eric Baradat | AFP | Getty Photographs

The upcoming U.S.-Russia summit will probably be a important second in making an attempt to revive poor relations between the 2 nations, Kirill Dmitriev, the CEO of Russia’s sovereign wealth fund RDIF, advised CNBC Friday.

President Joe Biden is assembly President Vladimir Putin on June 16 in Geneva, Switzerland, in what will probably be their first face-to-face assembly since Biden took workplace. The summit takes place amid sanctions and allegations of election interference, human rights violations, variations over the Center East and plenty of different points.

“I evaluate (the) U.S.-Russia relationship to a falling knife and we have to catch this knife on the 16th until it falls to the ground,” Dmitriev advised CNBC’s Hadley Gamble on the St. Petersburg Worldwide Financial Discussion board.

“There are a a number of actual points which can be completely different, but in addition there are actually numerous misunderstandings and we a minimum of want to interact and begin speaking rather more, as a result of once we see issues being achieved, there are actually a number of fallacious assumptions within the selections which can be being made,” he added.

Within the newest escalation between each side, Russia has urged ditching dollar-denominated oil contracts if the U.S. had been to impose recent sanctions. Additionally on Thursday, Finance Minister Anton Siluanov confirmed that U.S. dollar assets will be cut from its $186 billion National Wealth Fund.

The connection between Moscow and Washington deteriorated in 2014 after Russia’s annexation of Crimea, which led to U.S. sanctions. However, in keeping with Andrey Kostin, the chairman of Russia’s VTB Financial institution, the hyperlink hit its “lowest doable stage” through the Donald Trump presidency.

“I’m little bit skeptical as a result of the earlier data don’t give us an excessive amount of floor for enthusiasm,” Kostin advised CNBC in regards to the upcoming summit, including that it’s nonetheless “very, excellent that the 2 leaders will meet.”

Chatting with CNBC Friday on the similar occasion, he stated that Putin and Biden will “positively” not make the connection worse.