President Trump said on Saturday, Oct. 24, that the United States expects to trade with both Russia and Ukraine once their war is over, speaking to reporters after casting an early ballot in Palm Beach, Florida. The question that prompted him concerned Russian investment in Alaska’s gas sector, a day after reports about the Polar LNG venture. By the accounts of TRT World and AOL, he did not answer it directly. His answer adds a new entry to a long record of Trump business with Russia talk, which this article sets out with dates and sources.
Where it stands: No new U.S. commercial agreement with Moscow had been announced as of Oct. 26. Trump has not said which projects he has in mind, and the White House has not described any Alaska arrangement beyond an official’s remark to the Financial Times that a Novatek-linked idea had been “broadly and briefly mentioned.”
The Polar LNG allegations come from the venture’s former chief executive, Joel Riddle, and are contested. The company calls him a “disgruntled former employee” and says “development activities are being pursued in full compliance with applicable US laws.” Novatek has said “requisite approvals will need to be obtained from US and Russian authorities.” On Trump’s envoys, the Times was explicit: “There is no indication that Mr. Witkoff and Mr. Kushner were aware of Polar LNG or its ties to Novatek.” No regulator or prosecutor has alleged any breach of the rules; our explainer on the reports has the details.
What Trump said in Palm Beach
ANI recorded the core of his answer: “We’d like to get back to life where Russia and Ukraine make a deal, and then we’d be able to do business with both. We’ll do business with Ukraine and with Russia after this war ends, I would think.”
Accounts differ slightly on how he handled the Alaska part. TRT World wrote that Trump “had no specific comment on that particular investment proposal.” AOL’s report said he “skipped over a question about Russian investment in Alaska’s natural gas sector.” Neither outlet published the reporter’s full question, and none of the coverage we reviewed shows Trump naming Polar LNG, Novatek or the Times story. He also returned to a separate natural-resources arrangement with Kyiv that he said could be worth up to $1 trillion, TRT reported.
The night before, at a Florida rally, he had mused about a different lever. “We should probably immediately do it with Ukraine and Russia,” he said of punitive tariffs, according to Kyiv Post, before adding: “But we don’t buy enough to do it to them, so it doesn’t work.”
Trump business with Russia: the quote record
The Palm Beach remark fits a pattern of Trump describing commerce as the reward that follows peace. What has changed over time is how firmly he ties the two together.
| Date | What Trump said | Reported by |
|---|---|---|
| Apr. 20, 2025 (Easter) | Both countries would “start to do big business” with the U.S. after a deal | Kyiv Independent |
| Aug. 15, 2025 | Russia wants business, “But they’re not doing business until we get the war out” | Kyiv Post |
| Oct. 18, 2026 | “My decision on Russia is a very simple one” (on the waiver) | CBS News |
| Oct. 20, 2026 | U.S. got “nothing back other than high diesel” from Kyiv aid | Kyiv Post |
| Oct. 23, 2026 | Tariffs on both sides would not work, “so it doesn’t work” | Kyiv Post |
| Oct. 24, 2026 | “We’ll do business with Ukraine and with Russia after this war ends” | ANI, TRT, AOL |
The 2025 line was the clearest. Aboard Air Force One on the way to the Anchorage summit, Trump said of Putin: “I noticed he’s bringing a lot of business people from Russia, and that’s good. I like that because they want to do business,” according to Kyiv Post, before adding, “But they’re not doing business until we get the war out.” Ukrainska Pravda, summarizing the Times’ Lukoil story, wrote that Trump has promoted business deals with Russia since early 2025, calling the country a “tremendous opportunity.”
From “after the war” to deals during it
By September 2026, the administration’s posture had reportedly moved. Ukrainska Pravda, relaying a Times report, said the White House was weighing “signing certain business deals with Russia even before Moscow ends its war against Ukraine, as a way of demonstrating its good intentions.” A U.S. official quoted there said early deals would “show that the United States is serious about a reset relationship with Russia.” Ukrainska Pravda noted that this departs from Trump’s 2025 position, when he said there would be no such cooperation “until we get the war settled.”
On its face, Trump’s Oct. 24 phrasing, with business coming after a settlement, is closer to his 2025 stance than to the September reporting. He has not explained the difference publicly, and the White House has not said which, if any, deals it intends to complete before a ceasefire.
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How the words compare with deals already reported
At least three energy arrangements have advanced or been discussed while fighting continues. In early October, Treasury issued a general license “through April authorizing the sale, delivery and import of Russian diesel into the U.S.,” ABC News reported; that license is explained in our diesel deal explainer. Energy Secretary Chris Wright called the diesel arrangement a “carrot” for Moscow, according to Newsweek, and Interior Secretary Doug Burgum argued that “sanctions relief could be used as an incentive in negotiations with Moscow.”
The Times also reported that Putin raised a sale of Lukoil’s foreign assets with Witkoff and Kushner on Sept. 5. One source said Putin wanted “to show Russians they can do business with the US,” and “the Americans replied that they would work on the deal,” according to Ukrainska Pravda’s summary. The paper found “no evidence that Kushner or Witkoff stand to profit personally from the agreement.”
The Alaska gas idea is the third. Per Raw Story’s digest of the Times, “White House officials see energy deals like it as a way to smooth relations with Moscow.” Again, the paper said it saw no sign the two envoys were aware of the venture’s Russian backing. Each reported item is laid out side by side in our menu of energy proposals.
None of these steps lifted the bulk of existing U.S. sanctions. Even the broad Graham Act waiver states that “nothing in this order affects any sanctions or other measures” already imposed by earlier executive orders, so dealings with sanctioned Russian firms generally still need Treasury permission. Trump’s most recent summary of his goal, given to reporters after the waiver and quoted by Newsweek, was narrower than any business plan: “All I want is for Russia and Ukraine to stop that stupid war.”
Frequently Asked Questions
What did Trump say about doing business with Russia after the war?
On Oct. 24, 2026, in Palm Beach, he said the U.S. would like Russia and Ukraine to make a deal, after which it would do business with both, adding that the U.S. would do business with Ukraine and Russia after the war ends.
Was Trump asked about Polar LNG?
He was asked about Russian investment in Alaska natural gas. TRT World said he had no specific comment on that proposal, and AOL said he skipped over it. Coverage reviewed does not show him naming Polar LNG or Novatek.
Has Trump changed his position on Russia business?
In August 2025 he said Russia would not do business with the U.S. until the war ended. In September 2026 the NYT reported the White House was considering some deals before the war ends. His Oct. 24 remarks again placed business after a peace deal.
Are U.S. companies allowed to do business with Russia now?
Sanctions imposed by earlier executive orders remain in force; the Graham Act waiver order says it does not affect them. Separately, Treasury has issued narrower permissions, such as the diesel general license.
Sources
- US will do business with Ukraine and Russia after war ends: Trump — ANI, October 25, 2026
- Trump signals US ready to do business with both Ukraine and Russia once war ends — TRT World, October 2026
- Trump shares plans to do business with both Russia and Ukraine after war ends — AOL, October 2026
- Trump Eyes Post-War Business Ties With Both Ukraine and Russia — Kyiv Post, October 24, 2026
- Witkoff Arrives in St. Petersburg for Putin Talks as US and Ukraine Agree on Peace Proposals — Kyiv Post, October 21, 2026
- Trump to ‘Talk Business’ With Russia, Wants Kyiv Secured for Next Talks — Kyiv Post, August 15, 2025
- Trump hopes Russia, Ukraine ‘make a deal this week,’ promises ‘big business’ with US — Kyiv Independent, April 21, 2025
- White House reportedly considers business deals with Russia before end of war (citing the NYT) — Ukrainska Pravda, September 18, 2026
- US and Russia reportedly negotiate multibillion-dollar deal on Lukoil assets (citing the NYT) — Ukrainska Pravda, October 3, 2026
- Trump faces bipartisan backlash over waiving Russia sanctions — CBS News, October 2026
- List of Republicans breaking with Trump over Russia sanctions waiver — Newsweek, October 2026
- Trump signs order waiving Graham Act sanctions on Russia, drawing backlash from some lawmakers and Zelenskyy — ABC News, October 17, 2026
- Former CEO: Russian Firm Backed Alaska Gas Venture — Newsmax (via Yahoo News), October 24, 2026
- Russia secretly backed Alaska LNG shipping scheme (quoting the New York Times) — Reporting From Alaska (Dermot Cole), October 25, 2026
- Whistleblower CEO quits over hidden Russian cash behind gas deal in Trump peace talks: NYT — Raw Story, October 24, 2026
- Implementing the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026 (Executive Order 14436) — The White House, October 16, 2026
This article is news reporting and analysis based on the public sources listed above, as they stood on the dates shown. Where officials, lawmakers or analysts disagree, including on whether an action is lawful, their positions are attributed to them; Donald Trump Class Action is not a court and nothing here is legal advice. Facts in a developing story can change.