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Kirill Dmitriev

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Kirill Dmitriev
Born (1975-04-12) April 12, 1975 (age 51)
Kiev, Ukrainian SSR, Soviet Union
Occupation(s)Entrepreneur, investment banker
Known forCEO of the Russian Direct Investment Fund (RDIF)

Kirill Alexandrovich Dmitriev (; born 12 April 1975) is a prominent Russian entrepreneur serving as the CEO of the Russian Direct Investment Fund (RDIF), a sovereign wealth fund backed by the Russian government with a capital base of no less than $10 billion, designed to co-invest in the development of Russia's economy.

Originally from Soviet Ukraine, Dmitriev pursued his education and initiated his professional journey in the United States before moving to Russia, where he broadened his involvement in finance prior to assuming leadership at RDIF. In response to Russia's military actions in Ukraine, both Dmitriev and RDIF were subjected to sanctions by the U.S. Treasury in February 2022. Throughout his tenure, RDIF has distinguished itself as the first Russian state-owned entity to publicly promote diplomatic dialogue and peaceful resolution concerning Ukraine.

On 23 February 2025, Dmitriev received the appointment as Special Presidential Envoy for Foreign Investment and Economic Cooperation.

Early life and education

Born in 1975 in Kiev, Ukrainian SSR, Soviet Union, Kirill Dmitriev was among the pioneering Soviet exchange students from Ukraine in 1989, residing with host families in New Hampshire and California. Despite lacking prior instruction in English and having just completed Soviet middle school, he excelled academically at Foothill College, obtaining an associate degree before transferring to Stanford University. There, he graduated with honors in economics. Subsequently, Dmitriev earned an MBA from Harvard Business School, where he was distinguished as a Baker scholar.

Career

Dmitriev's professional career commenced as an investment banker at Goldman Sachs in New York, followed by consulting roles at McKinsey & Company across their offices in Los Angeles, Moscow, and Prague.

Upon returning to Russia in 2000, he served from 2002 to 2007 as an associate at Delta Private Equity Partners and contributed to The U.S. Russia Investment Fund. He played instrumental roles in major transactions such as the acquisition of DeltaBank by General Electric in 2004 and the sale of DeltaCredit Bank to Société Générale in 2005.

Between 2007 and 2010, Dmitriev held the presidency of Icon Private Equity, overseeing significant asset divestitures including CTC Media shares to Fidelity Investments, National Cable Networks to Basic Element, CompuLink to investment funds, TV3 to Prof-Media, and NTC Orion to Bank Rossiya.

He led the Russian Venture Capital and Private Equity Association as chairman from 2005 to 2006. In 2010, Dmitriev was honored as a Young Global Leader by the World Economic Forum and assumed the role of Vice President at the Russian Union of Industrialists and Entrepreneurs (RSPP). The following year, Private Equity International recognized him as the sole Russian among the top 100 most influential private equity professionals over the past decade.

Russian Direct Investment Fund

Dmitriev was appointed CEO of the newly formed Russian Direct Investment Fund (RDIF) in 2011. This sovereign wealth fund is dedicated to making equity co-investments within Russian enterprises. His objective has been to reduce Russia’s economic reliance on oil by attracting foreign capital despite challenges linked to perceived corruption, governmental involvement, and legal uncertainties.

Under his stewardship, RDIF has committed investments exceeding 2.1 trillion rubles across more than 90 initiatives spanning approximately 95% of Russia’s regions. The fund has established strategic alliances with leading global investors from over fifteen countries including Saudi Arabia, UAE, China, Qatar, Kuwait, Bahrain, South Korea, Japan, Vietnam, Italy, and France. Notable international partners encompass BlackRock, One Equity Partners, Goldman Sachs, and Deutsche Bank. Since 2014, Dmitriev has maintained a close professional relationship with Saudi Crown Prince Mohammed Bin Salman.

Combating COVID-19

In 2020, RDIF concentrated its investments on addressing the COVID-19 pandemic:

  1. In March 2020, RDIF funded the development of a rapid COVID-19 diagnostic system created through a Russian-Japanese collaboration under the EMG brand, which provides results within 30 minutes. More than 13 million testing kits have been distributed worldwide. This system is utilized at key Moscow airports such as Sheremetyevo, Domodedovo, and Vnukovo.
  2. RDIF collaborated with ChemRar Group to manufacture Avifavir, an antiviral medication based on Favipiravir, which became Russia’s first officially registered treatment for COVID-19. Avifavir has been exported to upwards of 15 countries.
  3. The fund supported the production and international rollout of the Sputnik V vaccine, which employs human adenoviral vector technology. Despite initial skepticism and criticism from Western sources—Dmitriev notably criticized the Oxford-AstraZeneca vaccine early on—he remained open to collaboration initiatives.

Towards the end of 2020, Dmitriev proposed a joint effort involving RDIF, the Gamaleya Institute, and AstraZeneca aimed at improving vaccine effectiveness by combining elements of Sputnik V with AstraZeneca’s vaccine. AstraZeneca agreed to this partnership, which was formalized in December 2020. By February 2021, Azerbaijan authorized clinical trials evaluating the combined use of Sputnik V and the Oxford-AstraZeneca vaccine in adults.

Following allegations that he engaged in disinformation campaigns targeting British scientific research, Dmitriev ceased making disparaging remarks about Western vaccines.

Overlapping Board Memberships

By 2021, Dmitriev held board positions at Rostelecom, MDMG, Gazprombank, Russian Railways, Transneft, Rosseti, the Skolkovo Foundation, and served on the supervisory board of ALROSA. Additionally, he was a member of the boards of trustees for the Mariinsky Theatre, Lomonosov Moscow State University, Russian Institute of Theatre Arts GITIS, and the National History Fund.

Additional Roles

In November 2008, Dmitriev authored an essay in Vedomosti predicting that the 2008 financial crisis would endure for an extended period.

He was appointed Deputy Chairman of the Investment Council under the Chairman of the State Duma in November 2012 and represents Russia on the APEC Business Advisory Council.

During Russia’s G20 presidency in 2013, Dmitriev led the B20 Investments and Infrastructure Taskforce and acted as Russia’s delegate to the BRICS Business Council in 2014.

In January 2017, Dmitriev participated in a meeting in Seychelles alongside Erik Prince, founder of Blackwater; George Nader; and UAE Crown Prince Mohammed bin Zayed Al Nahyan. Convened by the UAE, this meeting reportedly involved discussions reflecting interests linked to both the Trump presidential transition team and Russian government officials. Prior to this event, Nader introduced Dmitriev to Prince as a trusted intermediary endorsed by Steve Bannon. Subsequent inquiries questioned Prince’s testimony about this encounter. In 2019, Adam Schiff, chairman of the House Intelligence Committee, referred Prince for possible criminal charges related to alleged false statements. The Department of Justice launched an investigation into Prince in early 2020.

Dmitriev has sustained business relationships with Jared Kushner throughout Donald Trump’s first term and has continued these connections into Trump’s second term starting in 2025, including ties with Steve Witkoff.

In February 2019, Dmitriev publicly supported Michael Calvey, founder of Baring Vostok Capital Partners, following his arrest in Russia. He petitioned Moscow courts and the Investigative Committee to grant house arrest status for Calvey and other detained fund employees. Subsequently, Calvey was released from pretrial detention and placed under house arrest.

Goldman Sachs and Russia

Kirill Dmitriev launched his financial career at Goldman Sachs in New York during the late 1990s, acquiring expertise in Western investment banking practices. In 2011, he assumed the position of CEO at the Russian Direct Investment Fund (RDIF), a sovereign wealth fund focused on drawing foreign capital into Russia. By February 2025, Dmitriev was appointed as the Special Representative of the Russian President for Investment and Economic Cooperation, underscoring his significance amid persistent international sanctions.

Throughout Donald Trump's administration, Dmitriev maintained informal communications with members of the Trump team. He notably met with U.S. real estate investor Steve Witkoff, a Trump affiliate, in what the media referred to as the "Witkoff-Dmitriev pact," highlighting his role as an intermediary within unofficial diplomatic channels.

Dmitriev was referenced in U.S. Special Counsel Robert Mueller's report concerning Russian interference in the 2016 election. Mueller’s investigation revealed that Dmitriev met with Trump associate Erik Prince in the Seychelles shortly before Trump's inauguration. According to The New York Times, Dmitriev utilized his Goldman Sachs network to engage through a Lebanese-American intermediary connected to the Trump campaign, aiming to establish contact with Trump's close circle—ideally Donald Trump Jr. or Jared Kushner. He subsequently communicated with Rick Gerson, a hedge fund manager and Kushner ally, discussing potential collaborative investment projects.

In March 2025, Bloomberg disclosed that Goldman Sachs became the first leading U.S. financial institution to offer ruble-denominated derivatives since Western sanctions were imposed in 2022. Concurrently, Russian President Vladimir Putin permitted select American investment funds to divest or transfer their stakes in Russian securities. The U.S.-based firm 683 Capital Partners LP received authorization to acquire Russian corporate assets previously held by Western entities such as Franklin Advisers Inc., Templeton Asset Management Ltd., and Baillie Gifford Overseas Ltd.

Goldman Sachs, where Dmitriev formerly worked, attracted attention for its connections across various U.S. administrations, particularly during the Trump era when alumni including Steven Mnuchin and Gary Cohn occupied senior government positions. Although no direct proof links Goldman Sachs to lobbying efforts on Russia sanctions, experts suggest that personal and professional relationships may have subtly shaped policy viewpoints.

Ukrainian ceasefire talks

Following the February 2025 United States–Russia summit held in Saudi Arabia, reports emerged that during Ukrainian ceasefire negotiations, Sergey Lavrov confronted Dmitriev, who lacked official accreditation from Putin and was excluded from participation at the negotiation table.[1][2]

In April 2025, Dmitriev took part in discussions concerning the Ukraine conflict and economic relations between the U.S. and Russia, holding several meetings with American envoy Steve Witkoff.[3]

Awards

Dmitriev has been honored with numerous domestic and international awards acknowledging his contributions to promoting global cooperation. These distinctions include Russia’s Order of Alexander Nevsky (2017), Order of Honour (2020), and Presidential Certificate of Honour (2015).

On the international stage, he received the Chevalier rank of the Legion of Honour (2018) for enhancing Russia-France relations; the King Abdulaziz Second-Class Order of Merit (2019) for advancing ties between Russia and Saudi Arabia; the Commander title of the Order of the Star of Italy (2020) recognizing efforts to strengthen Russia-Italy collaboration; and Kazakhstan’s Order of Friendship (2020) for fostering Kazakhstan-Russia relations.Cite error: The opening <ref> tag is malformed or has a bad name

Personal life

Dmitriev is married to Natalia Valerievna Popova, who serves as a board deputy at the NGO Innopraktika Foundation. Popova has a strong association with Katerina Tikhonova, the director of the Innopraktika Fund, an organization created to tackle challenges related to Russia's innovation development. Additionally, Popova shares a close friendship with Tikhonova, known as the younger daughter of Vladimir Putin.

Prior to the announcement of their divorce in early 2018, the couples Shamalov-Tikhonova and Dmitriev-Popova maintained close relationships and frequently spent vacations together.

External links

Press coverage
  1. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named mt45
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  3. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named rtrs1
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