US Treasury Secretary Scott Bessent told Russian Finance Minister Anton Siluanov that Washington will not grant sanctions relief until a peace deal ends the war in Ukraine. The two met on the sidelines of the G20 summit, the first in-person contact between a Russian finance minister and a senior US official since 2022, even as Moscow has floated roughly $12 trillion in potential economic cooperation with the US.
US Treasury Secretary Scott Bessent has delivered a blunt message to Moscow: no sanctions relief without a peace agreement in Ukraine. Bessent met with Russian Finance Minister Anton Siluanov on August 31, 2026, to discuss a revised US peace plan for Ukraine, marking the first in-person engagement between a Russian finance minister and a senior US official since 2022.
No deals until the war ends
The talks took place on the sidelines of the G20 summit, where Bessent reportedly told Siluanov that no economic deals with Russia are possible until the war ends, according to a source cited by Crypto Briefing. The framing treats Russia's desire for normalized trade as a bargaining chip rather than a diplomatic courtesy, and it comes as Russian officials keep rejecting ceasefire terms while the conflict, which began with Russia's full-scale invasion in 2022, remains active with no ceasefire in sight.
$12 trillion on the table
Moscow keeps returning to the table because of what could follow a deal. Russia has reportedly proposed roughly $12 trillion in potential economic cooperation with the US, spanning sanctions relief and energy ventures. Washington credits its sanctions on Rosneft and Lukoil, two major Russian firms, with bringing Russia to the negotiating table in the first place.
Oil waivers keep barrels flowing
Even while holding the line on relief, Washington has carved out exceptions to avoid rattling energy markets. The US has issued 30-day waivers allowing the purchase of specific sanctioned Russian oil cargoes already at sea, with extensions planned through June 2026. Global oil supply is already strained by the situation in Iran, so removing Russian barrels entirely would punish American consumers and allies as much as the Kremlin.
Rebuilding Ukraine without Russia's backers
The administration has also moved to set up a US-Ukraine Reconstruction Investment Fund to channel investment into rebuilding Ukraine once conditions allow. Entities that have supported Russia's military effort are explicitly excluded from participation. Prediction markets tracked by Crypto Briefing put the odds of a Russia-Ukraine ceasefire by the end of 2026 at 19.5% YES, reflecting the geopolitical risk still stacked into the negotiations.
Sources: Crypto Briefing, Crypto Briefing
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