Bessent told Siluanov that there is no economic relief while the war in Ukraine continues

U.S. Treasury Secretary Scott Bessent told his Russian counterpart, Anton Siluanov, during a bilateral meeting on the sidelines of the G20 finance ministers' gathering in Asheville, North Carolina, that nothing, economic relief, agreements, or other discussions, is possible until the war in Ukraine ends. The encounter took place amid heightened tensions over Russia's ongoing conflict with Ukraine and the broader geopolitical landscape shaped by sanctions and energy dynamics. The meeting marked Siluanov’s first personal appearance at a G20 event since Russia’s invasion of Ukraine in February 2022, which has drawn sharp reactions from European officials working on additional sanctions against Moscow. According to a U.S. official familiar with the talks, the focus of the discussion between Bessent and Siluanov centered on President Donald Trump’s proposed peace plan for Ukraine. However, when Siluanov attempted to bring up areas of mutual interest, he was interrupted by Bessent, who reportedly stated that “nothing is possible until the war ends.” The U.S. imposed sanctions on major Russian oil companies in November 2025. These measures were part of a broader effort to isolate Russia economically following its invasion of Ukraine. However, after the U.S.-Israeli military conflict with Iran disrupted energy supplies through the Strait of Hormuz, Bessent issued permits allowing the sale of Russian crude oil stored aboard tankers to ease supply chain pressures. A portion of the proceeds from these sales was sent to Moscow, according to reports. The meeting between Bessent and Siluanov occurred as global leaders continue to grapple with the economic and political fallout of the war in Ukraine. European officials have been particularly vocal about their concerns regarding Russia’s continued involvement in the conflict and its implications for international stability. The presence of Siluanov at the G20 meeting underscored the complex diplomatic dynamics at play, as well as the challenges faced by both sides in navigating a path toward de-escalation. The U.S. has maintained a firm stance on the issue of Russia’s actions in Ukraine, emphasizing that any form of economic cooperation or relief must be contingent upon the cessation of hostilities. This position aligns with broader Western efforts to pressure Russia into ending the war through a combination of sanctions, diplomatic isolation, and support for Ukraine’s defense capabilities. Meanwhile, the Russian Ministry of Finance confirmed that the two ministers discussed financial cooperation within the framework of the G20. However, the conversation appears to have been dominated by the U.S. insistence on linking any future engagement with the resolution of the Ukrainian crisis. This approach reflects the administration’s strategy of using economic leverage to influence Russia’s behavior on the global stage. The situation highlights the deepening divide between the United States and Russia, with each side prioritizing its strategic interests in the ongoing conflict. While the U.S. seeks to impose further restrictions on Russia’s economy, Moscow continues to explore alternative avenues for maintaining its financial operations, including the sale of oil under special circumstances. As the war in Ukraine enters another phase, the statements made by Bessent during his meeting with Siluanov signal a continuation of the U.S. policy of conditioning any form of economic interaction with Russia on the end of the conflict. This stance is likely to remain a central element of international negotiations and diplomacy in the coming months.