Moscow at the G20 financial summit in the US for the first time since the invasion of Ukraine.

The G20 Finance ministers meeting concluded with a fractured outcome, as China opposed key proposals put forward by the United States, leading to the absence of a unified communiqué. The group of major economies, excluding China, agreed on ensuring free, safe, and predictable navigation through the Strait of Hormuz. Despite Beijing's objections, the statement from the G20 presidency emphasized concerns over ongoing disruptions in energy trade and highlighted the importance of free and predictable navigation through the strait and globally, along with resolving ongoing wars and conflicts to support sustained growth. However, due to Chinese opposition on several critical points, the joint final communique was not issued. Instead, the U.S. presidency released its own statement. Scott Bessent, the U.S. Secretary of the Treasury, stated during the final press conference that the days of settling for mediocre growth have ended. He emphasized the importance of dialogue with Russia, noting that both countries could benefit from contributing more to measures aimed at tightening Iran’s economy. Bessent added that the more contributions Russia and China can make, the better it will be for them as well. The Russian Minister of Finance, Anton Siluanov, attended the summit, marking the first time since Russia's invasion of Ukraine that a Russian minister participated in the G20 Finance meetings. The agenda under the U.S. presidency focused heavily on addressing trade imbalances, explicitly citing China. However, China is unlikely to accept a final text that officially places it on trial for its massive trade surplus of $1.2 trillion. Similarly, Russia, despite European pressures against Moscow, would find it unimaginable to accept a condemnation in a final text. On the issue of Iran, the chapter on U.S. sanctions and pressure from Bessent on partners to isolate Tehran is difficult to materialize, given that China purchases approximately 90 percent of Iran's oil at discounted prices. Stronger growth, which is both a cause of the rise in interest rates and an attractive alternative to resolve debt-related issues, clashes with the specifics of each country. Bessent emphasized economic growth, stating in his opening remarks that years of progressively expanding objectives had distanced the group from its original purpose. This year's agenda largely overlooked climate change and inequality, central themes in recent G20 summits, disappointing European delegations. The focus shifted toward deregulation, private sector investments, global imbalances, and sovereign debt. Growth became the priority, with the caveat that what works for one economy might not work for another. Federal Reserve President Kevin Warsh echoed similar sentiments in one of his interventions, describing an "enormous change in the global economy," adding that everyone is experiencing it slightly differently. Climate change remained a priority, however, with statements emphasizing its integral role in the discussion. Donald Trump, from the Oval Office, addressed criticisms regarding Russia's participation in the G20 Finance meeting in Asheville, North Carolina. He remarked that he enjoys getting along with everyone, a sentiment that aimed to ease tensions surrounding Russia's attendance, the first for a Russian minister since the invasion of Ukraine. This decision sparked outrage among European nations, especially after Moscow intensified attacks on Kyiv targeting civilian infrastructure. At Asheville, Bessent met with his Russian counterpart, Anton Siluanov, discussing Trump's proposed peace plan to end the war. Shortly afterward, Bessent thanked Europe for its strong support in adopting U.S. sanctions against Iran. Siluanov's presence at the G20 Finance meeting was confirmed only hours before the event. European officials expressed their displeasure, particularly during the traditional group photo session. German Vice Chancellor Lars Klingbeil and other European counterparts threatened to boycott the photo if Siluanov were included. The threat seemed effective, as Siluanov ultimately stepped back and opted out of the photograph. Regarding Iran, Bessent expressed confidence that Tehran is now taking sanctions seriously, commenting shortly after a new round of military actions involving the U.S. and Iran. He assured that Iran's economy does not necessarily need to collapse but must stabilize, adding that the U.S. would continue applying pressure to resolve the issue with Tehran, aiming to restore stability in the global economy. Italian Minister of Economy Giancarlo Giorgetti confirmed convergence between the U.S. and Europe on sanctions against Iran, a primary topic on the meeting's agenda. He noted that there is this support with the United States and Bessent, expressing hope that many matters would be clarified within these two days. Giorgetti indicated that there are still aspects requiring further exploration, suggesting optimism amid complex times. The EU reiterated its readiness to adopt additional measures towards Iran, should they become necessary, to safeguard its security and interests, including freedom of navigation through the Strait of Hormuz. Brussels also stressed the necessity of continued diplomatic efforts to achieve a peaceful resolution, restore regional stability, and ensure full freedom of navigation and secure passage through the Strait of Hormuz. Opening the summit, Bessent assured that the primary priority is growth, a theme upon which the initial thematic sessions concentrated. Part of an ambitious plan that includes rebalancing trade imbalances, with Beijing as a target. "The world cannot afford a China with a $1.2 trillion surplus," Bessent declared hours before the G20. He added that China's economy is quite weak, and while they are trying to emerge from it, they rely on exports and must rebalance their economy. He advocated for China to push consumption rather than exports. The topics are numerous and challenging to summarize, especially considering the extensive turbulence caused by Trump's tariffs. The lack of a jointly agreed communiqué already indicates that on some decisive issues, the 20 members do not agree. It is a period of great complexity.