Bessent Says No Easing of Russia Sanctions Until the Russia-Ukraine War Ends

[Financial News] U.S. Secretary of the Treasury Scott Bessent said he would not ease sanctions on Russia until the Russia-Ukraine War ends.
On July 31 local time, CNBC reported that Bessent made clear to Russian Finance Minister Anton Siluanov at the Group of Twenty (G20) finance ministers and central bank governors meeting in Asheville, North Carolina, that no new agreement with Russia or easing of sanctions would be possible as long as the war continues.
When Siluanov raised issues of mutual interest between the two countries, Bessent reportedly dismissed the idea, saying, "Nothing is possible before the war ends."
The meeting is being seen as a signal that high-level diplomatic channels between the two countries, which had cooled after the war in Ukraine, may be reopening. Still, it also confirmed Washington's firm stance on sanctions relief.
Axios reported that the talks focused on President of the United States Donald Trump's peace plan for Ukraine and economic growth. The Russian Ministry of Finance, however, said the discussion was about financial cooperation between the two countries within the G20 framework.
This G20 ministerial meeting marked the first time Siluanov had appeared on a major international stage since Russia's 2022 invasion of Ukraine, but it drew strong objections from European finance ministers. The European delegation strongly opposed taking a commemorative photo with Siluanov, and the photo session was ultimately held without the Russian finance minister.
European governments are sticking to plans to expand sanctions on Russia and increase pressure on its economy and financial system.
While the United States government showed flexibility by reopening high-level dialogue channels, European allies maintained that Russia should remain fully isolated until the war ends, underscoring a gap between U.S. and European diplomatic strategies toward Moscow.
[email protected] Yoon Jae-jun Reporter