Scott Bessent tells Russia no economic relief until Ukraine war ends

During a G20 meeting in North Carolina, US Treasury Secretary Scott Bessent met with Russian Finance Minister Anton Siluanov, declaring that Russia will receive no economic or sanctions relief until its war in Ukraine ends. The meeting, which focused on President Donald Trump's peace plan, drew sharp criticism from European officials who opposed Siluanov's presence. Meanwhile, the conflict continues to escalate with deadly Russian airstrikes on Kyiv and retaliatory Ukrainian drone strikes.

Bessent-Siluanov G20 meeting

• ▪US Treasury Secretary Scott Bessent told Russian Finance Minister Anton Siluanov that no economic relief or agreements on other issues are possible for Russia until the war in Ukraine ends.
• ▪The Russian Finance Ministry characterized the August 31, 2026, meeting between Anton Siluanov and Scott Bessent as covering financial and economic cooperation within the G20 framework.
• ▪US Treasury Secretary Scott Bessent met with Russian Finance Minister Anton Siluanov on August 31, 2026, on the sidelines of the G20 finance leaders' meeting in Asheville, North Carolina.
• ▪The bilateral meeting between US Treasury Secretary Scott Bessent and Russian Finance Minister Anton Siluanov focused on US President Donald Trump's peace plan for Ukraine.
• ▪White House spokesman Kush Desai stated that the Trump administration is working with Russia to push for a peace deal to stop the bloodshed in Ukraine.

US sanctions leverage strategy

• ▪Russia has proposed approximately $12 trillion in potential economic cooperation with the US, spanning energy ventures and sanctions relief.
• ▪Ukraine's top sanctions official, Vladyslav Vlasiuk, planned to visit Washington to urge the US House of Representatives to approve sweeping Russia sanctions legislation.
• ▪The US government has utilized targeted sanctions against major Russian firms, specifically singling out Rosneft and Lukoil, as primary economic leverage to bring Russia to the negotiating table.
• ▪The US Treasury issued 30-day waivers allowing the purchase of specific sanctioned Russian oil cargoes already at sea, with extensions planned through June 2026 to prevent global supply strains.

European opposition to Russian attendance

• ▪UK Finance Minister John Healey announced that Britain doubled penalties for sanctions breaches, increasing fines from 50% to 100% of the breach value, to target shadow financial systems supporting Russia.
• ▪German Finance Minister Lars Klingbeil criticized the presence of Russian Finance Minister Anton Siluanov at the G20 meeting, calling the signal troubling.
• ▪European officials expressed irritation and objection to Russian Finance Minister Anton Siluanov's first in-person G20 appearance since the 2022 invasion of Ukraine.
• ▪European leaders opposed appearing with Russian Finance Minister Anton Siluanov in the traditional G20 group photo, which was ultimately taken without him.

Ongoing Russian attacks on Ukraine

• ▪Russian air attacks on Kyiv and the surrounding region on September 1, 2026, killed four people and injured more than a dozen others.
• ▪Ukrainian drones targeted Russian infrastructure, causing damage in the Samara region and striking a Wildberries warehouse in Ekaterinburg on August 31, 2026.
• ▪Ukrainian President Volodymyr Zelenskyy stated that four companies have developed interceptor drones to counter Russia's jet-powered drones, which numbered 800 over a four-day period.

US-Ukraine reconstruction fund

• ▪The US-Ukraine Reconstruction Investment Fund explicitly excludes participation from entities that have supported Russia's military effort.
• ▪The Trump administration established a US-Ukraine Reconstruction Investment Fund to channel investment into rebuilding Ukraine once conditions allow.

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