US Treasury Secretary: Russia economic cooperation impossible until Ukraine war ends

U.S. Treasury Secretary Scott Bessent informed Russian Finance Minister Anton Siluanov that economic cooperation between Washington and Moscow is impossible while Russia's war in Ukraine continues, according to sources familiar with the matter. The two officials met on August 31 on the sidelines of the G20 summit, marking the first in-person attendance by Russia's finance minister since the 2022 invasion.

During the meeting, Siluanov presented potential areas for cooperation. Bessent, however, made it clear that no economic relief or agreements would be forthcoming until the war concludes. Bessent also advocated for a peace agreement between Ukraine and Russia, consistent with President Donald Trump's policy. Earlier reports suggesting a specific 28-point peace plan was discussed were contradicted by sources.

The meeting occurred amidst stalled diplomatic efforts to broker peace, with Russia maintaining territorial demands and rejecting a ceasefire. Sanctions relief remains a key objective for Russia, whose economy is under pressure from existing restrictions. Some U.S. officials view easing sanctions as potential leverage to encourage a ceasefire. The encounter also caused unease among European officials, with German Vice-Chancellor Lars Klingbeil confronting Siluanov about the war.