Revealed: Trump nominee withdraws amid scrutiny of ties to Russia

A Trump administration nominee has abruptly withdrawn his candidacy for a senior role at an international trade agency amid scrutiny of his relations by marriage to a Russian family with extensive ties to the Kremlin and work for a major steel company co-owned by one of  Russia’s richest oligarchs.

Bryce McFerran, who donated almost $1m to the Trump campaign last year, was set to appear before the Senate banking committee on Thursday for a hearing about his nomination to be first vice president of the US Export-Import Bank. His withdrawal from the nomination process was disclosed by a White House official following inquiries from The Washington Post and The Centre for Climate Reporting.

It is very problematic to have someone who has financial conflicts of interests with other countries, particularly other countries where we may be imposing sanctions such as Russia or Iran

The bank provides financing, credit and insurance to U.S. companies seeking to export products as well as foreign companies seeking to purchase American goods and services. McFerran has been Exim’s acting chief banking officer since March. Under Trump, it issued its largest ever transaction in its 91-year history – $4.7 billion to oil major TotalEnergies for a controversial gas drilling project in Mozambique – as McFerran has said that the “administration is committed to returning America to its place as the energy super power.”

He described the loan to TotalEnergies as a “landmark achievement in fossil fuel energy development” at a dinner hosted by the Atlantic Council in June. Earlier this year, the bank also removed restrictions preventing it from supporting overseas coal-fired power projects, which had been in place since 2013.

CCR and The Post’s revelations about the extent of McFerran’s connections to Russia prior to becoming a key booster at Exim of Trump’s ambitions for “American energy dominance” have not previously been reported. In announcing his appointment to the bank, Exim did not disclose that he had spent most of the past decade working for a Swiss-based commodity trading subsidiary of the metals and mining giant Evraz, which is partly owned by Russian oligarch Roman Abramovich. McFerran worked at the subsidiary until March last year, CCR and The Post’s investigation found, almost two years after Evraz and Abramovich were sanctioned in the UK. British officials alleged in 2022 that the company may have produced goods that assisted the Russian military.

McFerran’s father-in-law and brother-in-law, Sergei and Alexander Shatirov, hold senior positions at a Kremlin-backed investment fund, Russian corporate and property records show. The elder Shatirov was previously a senator in the Federation Council, Russia’s upper chamber of parliament, and now serves as an aide to one of Russian President Vladimir Putin’s advisers.

The Trump donor has no known prior experience in government. In January, he was picked to join two veterans of the president’s first term to form a “beachhead team” at Exim. The three officials acted as senior advisors during the early weeks of the administration and McFerran was later named the bank’s acting chief banking officer in March. Last month, he was nominated for the role of first vice president, one of Exim’s most senior positions.

In a letter to McFerran sent on Wednesday, Sen. Elizabeth Warren, the ranking Democrat on committee, wrote that she was “especially concerned about your past work that appears to be deeply connected” to Evraz, according to a copy seen by The Post and CCR.

“The Export-Import Bank is critical for dealing with … our trade policy and national security,” said Richard Painter, who served as White House ethics lawyer for President George W. Bush. “It is very problematic to have someone who has financial conflicts of interests with other countries, particularly other countries where we may be imposing sanctions such as Russia or Iran.”

McFerran did not respond to repeated requests for comment. White House spokesperson Kush Desai said: “Bryce McFerran and his prior business interests have been fully researched, vetted, and cleared by the nonpartisan Office of Government Ethics.” He will continue to serve as “chief banking officer until a permanent replacement is named in the coming weeks,” Desai said. He did not give a reason for McFerran’s abrupt withdrawal or planned resignation. The March press release announcing his appointment as acting chief banking officer appears to have been removed from the Exim website (an archived version is still available on the Wayback Machine).

Last year, McFerran gave $924,600 to the Trump 47 Committee supporting the presidential election campaign and cohosted a fundraiser that was billed as an evening reception with J.D. Vance, then Trump’s running mate. His reported income for that year was $1.7 million, according to federal financial disclosures obtained by CCR and The Post.

In her letter, Warren questioned “the origin of funds you used to make a nearly $1 million donation,” saying it was important to understand whether the money came from McFerran’s work at an Evraz subsidiary that “may have profited from the sale of Russian commodities.”

McFerran’s family connections and his business background working for a subsidiary of Evraz were not mentioned in the now-removed press release – although he did disclose his employment as a director at the Swiss commodity trading firm in the disclosures he’s required to file with the Office of Government Ethics.

French corporate filings show McFerran married Elena Shatirova in 2008 when her father Sergei served as a senator representing Kemerovo, the heartland of Evraz’s steel and mining facilities. At the time, McFerran was working as an analyst at Morgan Stanley. His brother-in-law Alexander Shatirov now serves as director of RC Investments, the investment arm of Roskongress, a key Kremlin entity for international economic outreach. He has frequently appeared at Russian state events alongside top Kremlin officials, including trade talks overseen by Putin between Russia and Myanmar.

The Swiss canton of Zug – where McFerran worked for nearly a decade for the trading subsidiary of Evraz called East Metals AG – has long been a hub for Russian business interests. At the outset of the war in Ukraine, more than 80% of Russia’s commodities were being traded through Switzerland. McFerran was a director and chief financial officer at East Metals.

After the company was dissolved in 2023, McFerran consulted on its liquidation, according to his filings. McFerran stated his employment with East Metals ended in March 2024. Soon after Russia invaded Ukraine in February 2022, McFerran also served as director at two Dubai-based trading companies, which customs records reviewed by CCR and The Post appear to have continues to trade Evraz steel.

In her letter, Warren voiced concerns about McFerran’s “ability to serve faithfully and effectively” at Exim.

“Your decision to work for an Evraz subsidiary in the wake of Russia’s initial invasion of Ukraine and after its launching a full-scale war raises significant questions about your judgment and your commitment to U.S. national security,” she wrote.