US and Russian Finance Ministers Discussed Trump's Peace Plan, Moscow Proposed Economic Cooperation

U.S. Treasury Secretary Scott Bessent, during a personal meeting with his Russian counterpart Anton Siluanov on the sidelines of the G20, rejected the possibility of economic relief for Russia and progress on other agreements as long as Moscow continues its war against Ukraine.

The meeting took place on August 31 in Asheville, North Carolina. According to Axios, a U.S. Treasury representative reported that Bessent and Siluanov discussed President Donald Trump's peace plan for Ukraine and economic growth. This was a rare direct contact at such a level between the finance ministries of the U.S. and Russia.

During the negotiations, Siluanov raised the issue of potential areas of cooperation between the two countries. As Axios reported, citing a source familiar with the course of the meeting, Bessent interrupted the Russian minister and made clear that there would be no economic relief or progress on other tracks until the war ends.

Reuters separately quotes a direct phrase from Bessent said to Siluanov during this part of the conversation: "Nothing is possible until the war ends". According to the agency, this is how the American minister responded to the Russian side's attempt to move to discussing areas of mutual interest.

The Russian Finance Ministry confirmed the fact of the meeting, however described it much more broadly. The ministry stated that the ministers discussed "Russian-American interaction on the financial track", as well as cooperation within the G20. In the brief official statement from the Russian side, the issue of the war in Ukraine and possible sanctions relief were not mentioned.

Siluanov's participation in the G20 meeting at the same time drew opposition from European countries. According to the Financial Times, this was the first in-person appearance of the Russian finance minister at such an event after Russia's full-scale invasion of Ukraine in 2022. European representatives opposed the demonstration of normalization of relations with Moscow.

In particular, German Finance Minister Lars Klingbeil refused to participate in the traditional group photo together with Siluanov. A similar position was taken by other European participants, as a result the group photo of the G20 finance ministers and central bank governors was taken without the Russian delegation. European governments are simultaneously continuing work on further sanctions pressure on the Russian economy.

Based on materials from: Axios, Reuters, Financial Times