U.S. Treasury Secretary rules out sanctions relief to Russian minister at G20 — Reuters

The direct, face-to-face meeting between the ministers unfolded amid deep discontent among European officials over Russia’s attendance at the G20 format following the launch of its Ukraine full-scale invasion.

U.S. official earlier told Reuters that the primary focus of the discussion between Bessent and Siluanov was U.S. President Donald Trump’s peace plan for Ukraine, whereas the Russian Finance Ministry claimed the talks centered on financial cooperation within the G20.

According to a source familiar with the exchange, when Siluanov attempted to steer the discussion toward matters of mutual interest, Bessent cut him off, declaring that no agreements were "possible before the end of the war."

Reuters noted that the U.S. imposed sweeping sanctions against major Russian oil corporations in October 2025. Following later  energy supply disruptions triggered by U.S.-Israeli military strikes against Iran and tightened traffic through the Strait of Hormuz, Bessent permitted the sale of Russian crude stranded on tankers. The U.S. maintained the waiver was intended to stabilize global energy supplies, though it generated revenue for the aggressor state.

On Aug. 31, reports emerged that U.S. Treasury Secretary Scott Bessent met his Russian counterpart on the sidelines of the G20 summit in Asheville to discuss Trump's Ukraine peace framework.

European allies voiced strong objections to Russia’s presence at the Asheville G20 summit. German Finance Minister Lars Klingbeil told Siluanov "straight to his face" that Moscow must halt its war against Ukraine. European delegates additionally refused to pose for photographs with the Russian delegation, resulting in an official summit family photo that excluded Russian representatives entirely.