Kirill Dmitriev is not a professional diplomat. But the head of Russia’s sovereign wealth has emerged as a key player in drafting a new proposal to end Moscow’s war in Ukraine.

That is perhaps no surprise: A former investment banker, Dmitriev has increasingly served as a back-channel communicator between the Kremlin and allies of U.S. President Donald Trump, despite being on the U.S. sanctions list.

Dmitriev’s lack of formal diplomatic credentials may work in his favor, said Boris Bondarev, a former Russian diplomat who quit in protest after Russia’s 2022 invasion. In sending Dmitriev to talk with Steve Witkoff, Trumps’ special envoy, the Kremlin has found someone with whom the real estate magnate can feel at ease, he said.

“To work with him well, you need to find the right contact, som

See Full Page