On the sidelines of the G20 finance leaders’ meeting in Asheville, North Carolina on Monday, US Treasury Secretary Scott Bessent told Russian Finance Minister Anton Siluanov that no economic relief was possible until the war in Ukraine end, cutting him off when he raised areas of cooperation, according to a source familiar with the meeting. It was Siluanov’s first in-person G20 appearance since Russia’s 2022 invasion of Ukraine, and his attendance was not announced in advance. Siluanov replied afterwards that the two countries had grounds to develop financial ties despite existing complications. A US official said the meeting focused on President Trump’s peace plan for Ukraine. In return, Russia’s finance ministry said the two discussed financial cooperation within the G20 framework.
What Siluanove Said After the Asheville Meeting
Siluanov said Russia and the US had identified grounds for developing financial ties despite the difficulties affecting relations between the two countries. His comments followed a meeting with Bessent on the sidelines of the G20 finance leaders’ conference in North Carolina. Reuters reported that it was the first bilateral meeting between the two finance officials.
According to Siluanov, financial and economic discussions could provide areas of common interest between Moscow and Washington. He argued that the finance officials can find common ground more easily than politicians because their discussions can focus on practical economic matters. He also suggested that developing shared economic interests could help create conditions for wider political negotiations. The comments frame financial dialogue as one possible area where communication can continue despite broader disagreements. Siluanov did not describe a specific agreement that would immediately restore normal financial relations between Russia and the US. Instead, his remarks focused on identifying areas that could potentially be developed through further discussions.
The meeting also comes against the backdrop of Russia’s return to a US-hosted G20 finance gathering. Russian Finance Minister Siluanov’s presence drew criticism from several European officials, who are working on further sanctions and described his return after four G20 meetings without Russia as an attempt at normalisation. Reuters reported that some European representatives declined to participate in the traditional G20 group photograph with the Russian delegation.
The meeting has also generated discussion online about the significance of renewed contact between US and Russian financial officials. A Reddit discussion about the meeting noted that Bessent and Siluanov had discussed financial issues as well as broader matters connected to the Ukraine peace process. Another discussion focused on the US position that economic relief would remain unavailable while the war continues.
Bessent met with Russian counterpart at G20
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The online discussion does not change the reported substance of the meeting, but it shows the attention surrounding the renewed contact. The central point remains that Russia has expressed interest in identifying areas of financial common ground, while the US has not indicated that broader economic restrictions will be changed as a result of the meeting.
Bessent Ties Any Relief to the War Ending
While Siluanov highlighted the possibility of developing financial ties, the US position places a clear condition on broader economic relief. A source familiar with the meeting said Bessent interrupted Siluanov when he raised areas of mutual interest, telling him “nothing is possible until the war is over.” Treasury undersecretary Erin Browne said Bessent reaffirmed Silaunov “the war needs to end.”
The difference between the two positions is central to the development. Russia is arguing that areas of economic common interest can be explored even while wider political issues remain unresolved. Washington, meanwhile, continues to link economic relief and other agreements to an end to the war. The meeting therefore represents continued communication rather than a reported decision to remove restrictions or establish a new economic framework. Other reporting on the G20 meeting similarly described the US-Russia contact as part of renewed engagement while noting that Washington’s position on economic relief remained unchanged.
The broader G20 meeting also showed that Russia’s participation remains disputed among some of the US’s European allies. European officials criticized Russia’s presence at the finance gathering, while US officials defended continued engagement as part of efforts to address international issues. The reported discussions amount to an exploration of possible financial ties rather than a restoration of normal economic relations. Siluanov has said Russia sees areas of common economic interest that could be developed through continued dialogue, while Bessent’s position keeps broader economic relief conditional on the end of the war in Ukraine. The two sides have therefore maintained a channel for financial discussions without resolving the larger conditions surrounding their economic relationship.
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