Russia wants to plug America’s AI ambitions into its nuclear reactors.
On October 16, 2026, Kirill Dmitriev, head of the Russian Direct Investment Fund (RDIF) and President Vladimir Putin’s special envoy for investment, said Russia and the US could discuss joint data center projects running on power from Russian nuclear plants, including small-scale reactors. Nothing has been signed, but Dmitriev suggested bigger announcements are coming soon.
What Dmitriev actually said
Dmitriev made his remarks at Russian Energy Week (REW 2026), an energy forum held in Moscow.
Dmitriev specifically mentioned small-scale reactors alongside conventional nuclear plants. According to Dmitriev, a concrete list of projects has already been put together, with several Russian companies involved. He did not frame this as a single deal, but as part of a wider set of joint initiatives between the two countries.
No definitive agreements or timelines have been finalized, and the discussions remain at a preliminary stage.
The diesel deal that set the stage
Around October 9, a diesel fuel supply agreement between Putin and US President Donald Trump was announced. Under that arrangement, Russia is set to supply more than 300,000 tons of diesel to the US and global markets.
Sanctions remain the elephant in the server room
Dmitriev acknowledged that sanctions create significant obstacles, particularly when it comes to moving money. He pointed to payment hurdles under the recently signed Graham Act as one of the main challenges. Dmitriev said RDIF is working on solutions to those payment problems. He also remained optimistic about pursuing the deals even as military operations in Ukraine continue.
Who is Kirill Dmitriev, and why his words matter
Dmitriev has long been one of the most vocal advocates for ambitious Russia-US economic projects. As head of RDIF, Russia’s sovereign wealth fund, and as Putin’s special envoy for investment, he sits at the intersection of state money and diplomacy.
For investors, the signals worth tracking are any formal announcement of the “significant initiatives” Dmitriev hinted at, named US counterparties, and any clarity on how payments would clear under the current sanctions regime.
Disclosure: This article was edited by Diego Almada Lopez. For more information on how we create and review content, see our Editorial Policy.