How big is the prize of reopening Russia?

Finance & economics | Chequebook diplomacyHow big is the prize of reopening Russia?The Kremlin is promising $12trn-worth of deals to Donald Trump’s administrationShareIllustration: Alberto Miranda Feb 17th 2026|12 min readOver the past year two parallel sets of talks have been held about ending the war in Ukraine. American-led negotiations with Russia have produced proposal after proposal but no agreement on territory or security guarantees. Meanwhile, other envoys from the Kremlin and the White House have been discussing business. Volodymyr Zelensky, citing Ukrainian intelligence, says Russia has promised deals worth $12trn to America in return for sanctions relief; one insider reckons a package has already been agreed on. In Europe fears are rising that President Donald Trump could force Ukraine into crippling concessions by June—his latest deadline for peace—to chase gold in Russia. Already have an account?Log in Continue with a free trial Get full access to our independent journalism for free Free trial Or create a free account to unlock just this article Create account Explore moreShareReuse this contentThe Economist TodayHandpicked stories, in your inboxA daily newsletter with the best of our journalismSign upYes, I agree to receive exclusive content, offers and updates to products and services from The Economist Group. I can change these preferences at any time.More from Finance & economicsAmerica’s welfare state is more European than you think State-level policies are making up for stingy federal provisionA viral research note on AI gets its economics wrongToo much of a good thingThe AI productivity boom is not here (yet)Artificial intelligence is improving fast. Its effect on output, not so much ButtonwoodMarkets are churning furiously beneath a calm surfaceAI is prompting investors to reassess every business model under the sunDonald Trump answers a Supreme Court rebuke with new tariff threatsThe immediate economic impact will be more uncertaintyThe EU is thrashing out a more muscular set of economic policies The bloc is done playing nicely