Scott Bessent, the U.S. Treasury Secretary, made it clear during a bilateral meeting with Russian Finance Minister Anton Siluanov on the sidelines of the G20 finance ministers’ summit in Asheville, North Carolina, that economic relief for Russia would not be forthcoming while the war in Ukraine continues. The exchange took place on Monday, September 1, 2026, and was described by an unnamed source as a direct confrontation over the ongoing conflict. Bessent reportedly cut off Siluanov’s attempts to discuss areas of mutual interest, stating that “nothing is possible until the war ends.” The meeting occurred amid heightened tensions following Russia’s invasion of Ukraine in February 2022. This marked the first personal appearance of Siluanov at a G20 summit since the invasion, drawing criticism from European officials who have been pushing for additional sanctions against Moscow. According to reports, the focus of the dialogue between Bessent and Siluanov initially centered on President Donald Trump’s peace plan for Ukraine, though the conversation quickly turned toward the broader implications of the war. Siluanov had sought to engage Bessent on potential areas of cooperation, including financial collaboration within the G20 framework. However, Bessent remained firm, emphasizing that Russia could expect no concessions while hostilities persisted. The American official noted that the United States has already imposed sanctions on major Russian oil companies, particularly after the U.S.-Israel conflict with Iran disrupted energy supplies through the Strait of Hormuz. Despite this, Bessent issued permits allowing the sale of Russian crude oil stored in tankers, aiming to ease supply constraints and send some funds back to Moscow. Meanwhile, Indian Prime Minister Narendra Modi delivered a pointed message to Russian President Vladimir Putin during a summit in Kyrgyzstan, urging him to end the war in Ukraine. Speaking at a press conference ahead of the Shanghai Cooperation Organization summit in Bishkek, Modi called Putin his “friend” and praised the growing economic ties between India and Russia. He emphasized that each day of the war represents a step backward for humanity, while progress toward peace offers real hope. “We must move from endless war to ending the war, towards the cessation of hostility,” he stated, referencing figures such as Mahatma Gandhi and Maria Theresa. Putin responded politely, acknowledging Modi’s remarks and expressing appreciation for the shared path toward peace. However, Russia insists that the war can only end under its terms, which Kyiv consistently rejects. In recent weeks, Russia has intensified attacks on Ukrainian territory, with rumors suggesting plans to mobilize hundreds of thousands more troops and escalate ground operations. Meanwhile, Ukraine has stepped up drone strikes targeting Russian energy infrastructure, as well as warehouses belonging to online retailers Wildberries and Ozon. Despite Modi’s direct appeal to Putin, India continues to serve as a key trading partner for Russia, importing large quantities of oil and recently providing gasoline to support Moscow after Ukrainian attacks on Russian refineries. This has led to friction with former U.S. President Donald Trump, who withdrew from a trade agreement over the issue. The European Union has also criticized India’s role, calling the purchase of Russian oil and participation in military exercises “obstacles to our cooperation.” Nevertheless, Modi did not suggest using trade relations as leverage to pressure Russia into ending the war, instead reaffirming the importance of energy, innovation, space exploration, fertilizers, and people-to-people connections between the two nations. As the G20 summit proceeds, European officials remain divided on how to handle Russia’s participation. German Finance Minister Lars Klingbeil expressed frustration over the lack of normalization, noting that Russia’s return to the G20 after four meetings without participation signaled a false attempt at reconciliation. He stressed that the U.S. should resist such efforts. While the U.S. government under Trump prepared the agenda, countries like South Africa and Spain were excluded due to political tensions. European leaders have opted to avoid joint photographs with Siluanov, with one such image eventually being taken without him present. At the same time, European nations are working on new sanction packages against Russia and hope for U.S. involvement. Klingbeil warned that the call for Russia’s minister reflects deep concerns.
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