Commodities March 12, 2026

Dmitriev Says U.S.-Russia Economic Group Raised Global Energy Crisis in Florida Talks

Russian envoy cites trapped oil flows and urges recognition of Moscow's role as delegations agree to continued contact

By Sofia Navarro
Dmitriev Says U.S.-Russia Economic Group Raised Global Energy Crisis in Florida Talks

Russian presidential envoy Kirill Dmitriev told reporters he discussed the current global energy crisis with U.S. counterparts during a meeting of the U.S.-Russia working group on the economy held in Florida. He highlighted nearly 20 million barrels per day of supply trapped in the Gulf after the effective closure of the Strait of Hormuz and said the discussions covered both emergency market conditions and potential projects to restore bilateral economic ties.

Key Points

  • Nearly 20 million barrels per day of oil are reported trapped in the Gulf following the effective closure of the Strait of Hormuz, a disruption linked to the launch of the joint Israel-U.S. war against Iran on February 28 - impacts energy markets and global supply chains.
  • Kirill Dmitriev, speaking on instructions from President Vladimir Putin, met with heads of the U.S.-Russia working group on the economy in Florida to discuss both the immediate crisis and potential projects to restore bilateral economic ties - implications for U.S.-Russia economic relations and energy sector participants.
  • U.S. special envoy Steve Witkoff said the delegations discussed a "variety of topics" and agreed to stay in touch; attendees included Jared Kushner and White House adviser Josh Gruenbaum - indicating continued diplomatic engagement on economic and energy matters.

MOSCOW, March 12 - Russian presidential envoy Kirill Dmitriev said on Thursday that he had addressed the ongoing energy disruption with his U.S. counterparts as part of a session of the U.S.-Russia working group on the economy held in Florida.

Dmitriev highlighted that nearly 20 million barrels per day (bpd) of oil - roughly a fifth of global output - remain trapped inside the Gulf since the effective closure of the Strait of Hormuz, which followed the launch of the joint Israel-U.S. war against Iran on February 28.

In remarks posted on his Telegram channel, Dmitriev said: "Today, many countries, primarily the United States, are beginning to better understand the key, systemic role of Russian oil and gas in ensuring the stability of the global economy, as well as the inefficiency and destructive nature of sanctions against Russia."

He added that, acting on instructions from President Vladimir Putin, he held meetings in the United States with the heads of the working group on economic cooperation between Russia and the United States.

"We discussed both promising projects that can contribute to the restoration of Russian-American relations, as well as the current crisis situation in global energy markets," Dmitriev said, describing the scope of the conversations he led.

U.S. special envoy Steve Witkoff described the meeting in briefer terms, saying the teams covered a "variety of topics" and had agreed to remain in contact going forward.

Other attendees at the Florida meetings included Jared Kushner, who is U.S. President Donald Trump’s son-in-law, and White House adviser Josh Gruenbaum.


The meetings combined discussion of immediate disruptions in oil flows with dialogue on potential economic projects between the two countries. Participants signalled a willingness to keep communication channels open following the session.

Risks

  • Sustained restrictions on flow through the Strait of Hormuz could maintain a large share of global oil output - roughly a fifth - off markets, increasing volatility and supply risk for energy producers and commodity traders.
  • Ongoing sanctions and the described "destructive" effects referenced by Dmitriev create uncertainty for companies and financial institutions exposed to Russian oil and gas, complicating investment and contract decisions.
  • Fragile U.S.-Russia economic relations and the need to negotiate potential projects introduce political and execution risk for infrastructure and energy sector stakeholders considering cross-border cooperation.

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