A potential Ukraine ceasefire and the associated easing in sanctions on Russia are unlikely to substantially increase Russia's oil flows, Goldman Sachs said on Wednesday.

The former banker—with stints at McKinsey & Company, Goldman Sachs and Russia’s sovereign-wealth fund—has long cultivated a role as a Kremlin emissary to President Trump’s team.

Goldman Sachs argues that potential sanctions relief on Russia following a Ukraine peace deal would not significantly increase its oil supply, as production is primarily limited by its OPEC+ quota.

A US-educated former Goldman Sachs banker, with no formal diplomatic role at the time, Dmitriev cut an unexpected figure at the talks next to more conventional members of the Russian delegation such as foreign minister Sergei Lavrov.

The potential easing of Western sanctions on Russia is unlikely to significantly increase Moscow’s oil flows, according to Goldman Sachs.

A US-educated former Goldman Sachs banker, Kirill Dmitriev has cut an unexpected figure at recent talks between the US and Russia in Riyadh.

"We believe that Russia crude oil production is constrained by its OPEC+ 9.0 million barrels per day (mbpd) production target rather than current sanctions, which are affecting the destination but not the volume of oil exports," Goldman Sachs said.

His main role, his main task, is what Putin assigned him: to get the Americans to lift sanctions pressure. That’s his job,” Russia’s former deputy foreign minister, told NBC News.

Crude oil futures edged higher, largely driven by fears over Kazakhstan's oil flows following a drone attack on a pumping station for a pipeline in Russia carrying crude to the Black Sea.

Russia's sovereign wealth fund chief Kirill Dmitriev will meet a U.S. delegation in Saudi Arabia on Tuesday to focus on strengthening ties and increased economic cooperation, a

President Cyril Ramaphosa told a Goldman Sachs gathering that it was in South Africa's interest to promote good relations with all countries, including its second-largest trading partner.

RIYADH - The head of Russia's sovereign wealth fund on Tuesday described U.S. President Donald Trump as a problem solver ahead of U.S.-Russian talks in Saudi Arabia in what are expected to be the most significant discussions between the two former Cold War foes on ending Moscow's war in Ukraine.