Special envoy Steve Witkoff wrote “Business Deals” on his notepad during last week’s meeting with Vladimir Putin, according to the Financial Times, which published the detail on October 27, 2026 and attributed it to photographs released by the Kremlin press pool. The account has turned attention to the Witkoff business deals track that runs alongside the Ukraine peace effort.
Where it stands: As of Oct. 28, no White House or Kremlin comment on the note had been reported. We have not viewed the photo; this account relies on the descriptions published by the FT and by MS NOW.
A US official told the FT that any economic arrangement would sit inside a full peace settlement, adding: “nothing is finalised.” Asked by the FT about the wider report, Kremlin spokesman Dmitry Peskov gave no response and Kirill Dmitriev’s office declined to comment. Separately, a White House official told MS NOW on Oct. 26 that Trump wants the war over “so the senseless killing ends.”
What did Witkoff’s “Business Deals” note say?
Two outlets have described it, in slightly different terms. Neither has published a full transcription; the FT says the photographs came from the Kremlin’s press pool.
The FT wrote that Witkoff “wrote “Business Deals” on his notepad, among other notes, according to photographs published by the Kremlin press pool.” MS NOW, a day earlier, described a note card rather than a notepad. It said Witkoff “was photographed holding a note card in the St. Petersburg meeting noting three agenda items: thanking Putin, pushing for trilateral talks and the business deals.”
The two descriptions agree that business deals were one of the subjects Witkoff carried into the room. They differ on the object and on how much of the rest is legible. Beyond those two outlets, we found no independent description of the image as of October 28.
Was the notepad photo taken in Moscow or St Petersburg?
St Petersburg, according to the other accounts we reviewed and the FT’s own photo caption. The FT body says the note appeared at “a subsequent visit to Moscow last week,” and that business deals came up at a meeting “in St Petersburg in early September.” Other reporting reverses the two cities.
ABC News dated the September session to “September 5, 2026” and put it inside the Kremlin. According to Al Jazeera, the Oct. 21 talks were held on a Wednesday at St Petersburg’s Constantine Palace, with Jared Kushner joining by video, and that their previous meeting had been “a trip to Moscow in September.” The FT’s own photo caption reads “Steve Witkoff, left, with Vladimir Putin in Saint Petersburg last week.”
| Detail | FT article text | Other reporting |
|---|---|---|
| September meeting | St Petersburg, early September | Kremlin, Moscow, Sept. 5 (ABC News) |
| Meeting with the note | Moscow, “last week” | Constantine Palace, St Petersburg, Oct. 21 (Al Jazeera) |
| FT photo caption | Saint Petersburg, last week | Matches the Oct. 21 venue |
| Kushner | Not specified | In the room Sept. 5; joined by video Oct. 21 |
| What the note said | “Business Deals,” among other notes | MS NOW: three items, ending with the business deals |
What happened at the September 5 Kremlin meeting?
Witkoff and Kushner spent about three hours with Putin, and US officials say the agenda was a path to ending the war. A White House official told ABC News the envoys discussed “substantive plans for next steps” and were accompanied by staff from the National Security Council, the State Department and the Treasury.
Kremlin aide Yuri Ushakov called the conversation “substantive, constructive, exceptionally candid, and conducted in a spirit of trust.” Business was on the table that day as well. The New York Times, as relayed by Reuters, reported that Putin raised a multibillion-dollar Lukoil transaction and proposed completing it “as a way to show Russians they could do business with the United States.” We covered that report in our Lukoil explainer.
What happened in St Petersburg on October 21?
The session ran about three hours, was Witkoff’s ninth in-person meeting with Putin, and opened with Russia freeing Stephen Hubbard, a retired American teacher, Reuters reported via Al Jazeera.
Putin told Witkoff that Russia could ship large volumes of fertiliser to American farmers, according to the same report. A US official’s readout, quoted by CNN, listed “a post-war economic and prosperity plan” among the elements covered, alongside security guarantees for Ukraine. Ushakov was cooler, saying the European and Ukrainian ideas Witkoff presented “contained little of actual value for resolving the Ukrainian crisis.”
The meeting is also remembered for what Witkoff told Putin: “You are a humanitarian also, sir, and I salute that. I commend you.” Republican Sen. Thom Tillis answered on social media with “WTF, Steve?” Vice President JD Vance defended the envoy: “I agree with Steve Witkoff saying something nice to a person who just released an American hostage.” Trump called it a “good saying” for that purpose.
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What does each side say the Witkoff business deals talks are for?
Washington describes economic ideas as a reward that would follow a peace settlement. Moscow, according to the FT’s sources, sees them as a way to restore ties with the US before the fighting stops.
The US official’s line to the FT was that economic agreements “would be included in and subject to a comprehensive peace framework that stops the killing in this brutal war.” On the Russian side, the FT reported that Moscow “viewed the business deals as incentives for Trump to normalise ties with Russia before the war ends,” citing two people.
Dmitriev, Putin’s investment envoy, told reporters after the St Petersburg meeting there was “no question” economic cooperation would go on. MS NOW reported he said the diesel deal had “broken the ice for other business links.” One person briefed on the deals told the FT: “Dmitriev’s plan was waiting until the war froze, but the clock is ticking and war is not stopping, so they have made a decision to move forward now.” Our profile of Dmitriev covers his fund and its sanctions history, and the full list of proposals is in our main report.
What have lawmakers asked about the envoys’ role?
Democrats have questioned whether the envoys’ private business interests create conflicts; the administration says they do not. CBC, carrying Reuters copy, reported that Democrats “have raised concerns about the potential conflicts of interest for Witkoff and fellow envoy Jared Kushner, given their extensive global business interests.”
Secretary of State Marco Rubio rejected that concern when Rep. Greg Stanton pressed him in June. “I have never seen any evidence that he’s made any decisions or advocated for any position that’s to his personal benefit,” Rubio said of Witkoff, according to the transcript Stanton’s office released. Of Kushner, Rubio said: “Jared is a private citizen who’s been advising and participating in this voluntarily. He’s not compensated for it or in any way.”
Ushakov has said the next three-way round with Ukraine could be held in Abu Dhabi; our guide to the November Abu Dhabi talks tracks the competing dates.
Frequently Asked Questions
What did Witkoff write on his notepad?
According to the FT, Kremlin press pool photographs show the words Business Deals on Witkoff’s notepad, among other notes. MS NOW described a note card with a short agenda: thank Putin, press for three-way talks, then the business deals.
Where did Witkoff meet Putin in October 2026?
At the Constantine Palace in St Petersburg on Wednesday, Oct. 21, according to Al Jazeera, CNN and CBC. The FT article text said Moscow, but its own photo caption says Saint Petersburg.
Did Jared Kushner attend the meetings with Putin?
Kushner was at the Sept. 5 Kremlin meeting in Moscow with Witkoff, ABC News reported. At the Oct. 21 St Petersburg meeting he took part virtually, according to Al Jazeera.
Has any US business deal with Russia been signed?
No. Per the FT, the US side says nothing is finalised and economic terms hinge on an overall peace deal. As of Oct. 28, no signed agreement had been reported.
Why did Witkoff call Putin a humanitarian?
He said it during the Oct. 21 meeting, which began with Russia releasing American Stephen Hubbard. Trump said the remark was a good saying for that particular purpose, and Sen. Thom Tillis criticized it.
Sources
- Washington discusses Russian deals for US oil majors in Ukraine peace talks — Financial Times, October 27, 2026
- Trump wants U.S. investment in Russia. It could be a trap. — MS NOW, October 26, 2026
- Witkoff, Kushner meet with Putin to discuss Ukraine war — ABC News, September 6, 2026
- US-Russia talks on Ukraine involve multi-billion dollar oil deal, NYT reports — Reuters (via Cyprus Mail), reporting The New York Times, October 3, 2026
- What happened during Witkoff and Kushner’s latest meeting with Putin — Al Jazeera, October 21, 2026
- Putin and Zelenskyy back three-way US peace talks on Ukraine — Reuters (via Al Jazeera), October 21, 2026
- Massive strikes hit Kyiv hours after Putin agrees to fresh peace talks — CNN (via ABC17), October 22, 2026
- U.S. envoy Witkoff meets with Putin in Russia amid report Musk throttled Starlink — CBC News (Reuters), October 21, 2026
- Stanton Confronts Secretary Rubio Over Foreign Conflicts of Interest Involving Trump Envoys Witkoff and Kushner — Office of Rep. Greg Stanton (transcript), June 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.