Bessent told Russian minister no economic relief until Ukraine war ends, source says

U.S. Treasury ​Secretary Scott Bessent made clear to Russian Finance Minister Anton Siluanov on Monday that ‌no economic relief for Russia or agreements on other issues were possible until its war in Ukraine ends, a source familiar with the ministers' ‌bilateral meeting said.

Bessent met bilaterally with Siluanov on the sidelines ‌of a G20 finance leaders meeting in Asheville, North Carolina. The Russian finance minister's first in-person G20 appearance since Russia invaded Ukraine has irritated European officials who are ⁠working ​on more sanctions ⁠against Russia.

Earlier, a U.S. official told Reuters the focus of the Bessent-Siluanov meeting ⁠was President Donald Trump's peace plan for Ukraine. Russia's finance ministry said ​the two officials discussed financial cooperation within the G20 framework. When Siluanov ⁠tried to discuss areas of mutual interest, the source said Bessent interrupted him ⁠and ​said "nothing is possible until the war is over."

The U.S. imposed sanctions on Russia's oil majors in October 2025, but after the ⁠U.S.-Israeli war against Iran cut off energy supplies through the strait of ⁠Hormuz, Bessent ⁠issued licenses allowing the sale of seaborne Russian oil stored in tankers to ease supplies, sending some ‌funds to ‌Moscow.