US Treasury Secretary says Ukrainian strikes on Russian oil refineries deepening global energy shock
US Treasury Secretary Scott Bessent said Ukraine's strikes on Russian oil refineries are deepening a global energy shock, in remarks on Fox News following two-day G20 finance ministers' meetings in North Carolina. Bessent attributed the shock both to the war in Ukraine — including Ukrainian attacks on Russian energy infrastructure — and to the conflict in Iran, and defended his decision to engage with Russian Finance Minister Anton Siluanov at the meeting.
Key points
- Bessent said Ukraine's strikes on Russian oil refineries are deepening a global energy shock.
- He attributed the shock to the war in Ukraine and to the conflict in Iran.
- The remarks came on Fox News after two-day G20 finance ministers' meetings in North Carolina.
- The US invited Russian Finance Minister Anton Siluanov to the G20 meeting, displeasing some of Ukraine's allies.
- Bessent defended meeting Siluanov, saying engagement is necessary if parties are not negotiating.
- The US Senate separately passed a bipartisan bill requiring tougher sanctions on Russia.
Why it matters
A senior US administration official publicly linked Ukraine's strikes on Russian energy infrastructure to global energy prices, putting the issue on the international economic agenda at the G20 finance meetings. At the same time, Bessent defended engaging Russia's finance minister — a posture that contrasts with the more confrontational Russia policy of the US Senate, which moved separately to impose tougher sanctions.
What happened
Speaking on Fox News after two-day G20 finance ministers' meetings in North Carolina, US Treasury Secretary Scott Bessent said Ukraine's strikes on Russian oil refineries are deepening a global energy shock. He said the shock is being driven both by the war in Ukraine — including Ukrainian attacks on Russian energy facilities and refineries that pressure global prices — and by the conflict in Iran. The United States had invited Russian Finance Minister Anton Siluanov to the G20 meeting, a step that displeased some of Ukraine's allies. At a press conference, Bessent defended the decision to meet Siluanov, saying engagement is necessary to resolve the Russia-Ukraine conflict if parties are not negotiating. Separately, the US Senate passed a bipartisan bill requiring the Trump administration to impose tougher sanctions on Russia.
Background
Bessent previously faced criticism for temporarily easing sanctions on some Russian oil to lower global energy prices during a US-Iran conflict. At prior international forums, US and Western officials had walked out when Siluanov spoke via video link; at this G20 meeting he was invited in person, drawing displeasure from some of Ukraine's allies.