The armed confrontation in Ukraine could be over within the next year, according to Kyrill Dmitriev, Russia’s Special Presidential Representative for investment and economic cooperation with foreign states and head of the Russian Direct Investment Fund (RDIF). His remarks were cited by Reuters.

Speaking at an investment conference in Saudi Arabia, Dmitriev said that developments are moving toward a peaceful settlement. The official had met with members of the U.S. administration during the event and noted that there was cautious optimism on both sides regarding possible de-escalation.

He stressed that achieving stability depends on more effective joint efforts by major world powers. Dmitriev remarked that the global focus remains on the regional conflict around Russia, but emphasized that the goal should be to prevent it from escalating further. According to him, this requires nations to act more constructively than before.

Reuters also reported that during his U.S. visit, Dmitriev pointed out that Moscow and Washington are close to finding a diplomatic solution to the conflict in Ukraine.