Bessent tells Russia's Siluanov no economic cooperation possible until war in Ukraine ends
US Treasury Secretary Scott Bessent told Russian Finance Minister Anton Siluanov that no easing of economic restrictions or agreements on other matters are possible while Russia's war in Ukraine continues, in a bilateral meeting on the sidelines of the G20 finance ministers gathering in Asheville, North Carolina. The meeting took place as European representatives expressed dissatisfaction with Siluanov's first in-person attendance at a G20 financial meeting since the start of the full-scale invasion.
Key points
- US Treasury Secretary Scott Bessent held a bilateral meeting with Russian Finance Minister Anton Siluanov at the G20 finance ministers meeting in Asheville, North Carolina on 1 September 2026.
- Bessent told Siluanov that nothing is possible until the war in Ukraine ends, interrupting him when he raised issues of "mutual interest."
- A US official said the main topic was President Donald Trump's peace plan for Ukraine; Russia's Finance Ministry said the two discussed financial cooperation within the G20 framework.
- Siluanov attended a G20 financial meeting in person for the first time since Russia's full-scale invasion of Ukraine.
- European ministers and central bank governors opposed Siluanov's inclusion in the traditional group photo, and the photo was taken without him.
- German Finance Minister Lars Klingbeil said Europe is preparing a new sanctions package against Russia and called Siluanov's return a "worrying signal."
Why it matters
By tying any future US-Russia economic cooperation and sanctions relief directly to the end of the war in Ukraine, Bessent made Trump's peace plan a precondition not just for diplomacy but for financial engagement with Moscow. The episode also laid bare a split between the US approach of keeping channels open and European counterparts who see Russia's readmission to G20 forums as a step toward normalization that has not been earned.
What happened
On 1 September 2026, US Treasury Secretary Scott Bessent met Russian Finance Minister Anton Siluanov on the sidelines of the G20 finance ministers and central bank governors meeting in Asheville, North Carolina. According to sources, Bessent cut off Siluanov when the Russian minister tried to raise issues of "mutual interest" and made clear that economic cooperation and sanctions easing were off the table until the war in Ukraine ends. A US official said the central topic of the meeting was President Donald Trump's peace plan for Ukraine, while Russia's Finance Ministry said the two discussed financial cooperation within the G20 framework. Siluanov's appearance was his first in-person attendance at a G20 financial meeting since the start of Russia's full-scale invasion of Ukraine. European ministers and central bank governors objected to his presence in the traditional group photo, and the photo was ultimately taken without him. German Finance Minister Lars Klingbeil said Europe is preparing a new sanctions package against Russia and that he personally conveyed Germany's position on ending the war to Siluanov.
How international sources describe it
International coverage is split between two readings. One, anchored in the US framing, emphasizes that the meeting focused on Trump's peace plan and that Bessent used the encounter to set a firm precondition: no economic engagement until the war ends. The other, more visible in European statements through Klingbeil, treats Siluanov's physical return to a G20 financial meeting as a worrying signal of premature normalization, and underscores that Europe is preparing a new sanctions package as a counterweight.
Where reporting differs
Accounts of the Bessent-Siluanov meeting diverge on its substance: a US official said Trump's peace plan for Ukraine was the main topic, while Russia's Finance Ministry said the two discussed financial cooperation within the G20 framework. Reports also conflict on Russia's possible participation in the 2026 G20 summit in Miami and a possible visit by Vladimir Putin. Deputy Foreign Minister Alexander Pankin said an invitation was received "at the highest level," G20 representative Svetlana Lukash said the American presidency was preparing for a possible Putin visit, while Kremlin spokesman Dmitry Peskov said a Putin visit to the US was not being discussed.
Background
Siluanov's in-person attendance was his first at a G20 financial meeting since Russia's full-scale invasion of Ukraine, and European representatives opposed his inclusion in the traditional group photo. German Finance Minister Lars Klingbeil said Europe was preparing a new sanctions package against Russia and described the Russian minister's return as a worrying signal regarding possible normalization with Moscow. Conflicting statements also circulated about a possible future US-hosted G20 summit and whether Russian representatives or Putin would attend.