Economy & Trade
G20 finance talks close with Russia row, China dissent
G20 finance leaders ended two days of talks in Asheville, North Carolina, on Tuesday with a chair's statement backed in full by all participants except China, while US Treasury Secretary Scott Bessent said Russian Finance Minister Anton Siluanov's attendance had not affected the meeting.
Bessent said the broad backing for the statement suggested “there has been no impact” from Russia's attendance. He said some European officials had “a sour taste” but that engagement was important, and noted that Siluanov was not sanctioned.
Ukraine's European allies had objected after Siluanov was welcomed at the US-hosted talks. Canadian Finance Minister Francois-Philippe Champagne told AFP that Siluanov's appearance “created discomfort, no doubt about that.” EU economy chief Valdis Dombrovskis told reporters that it was not the time to “normalize” Russia's presence at such meetings.
A traditional G20 “family photo” was taken Monday without Siluanov after European officials protested. An EU spokesperson said representatives were given only short notice of Siluanov's attendance.
The chair's statement called for “free, safe, and predictable navigation through the Strait of Hormuz,” but China dissented from that section. The waterway has been largely blocked by Tehran since the Middle East war began in late February with US-Israeli strikes on Iran.
China also objected to language saying “excessive and persistent imbalances pose risks and can generate economic distortions.” Champagne said global imbalances were not sustainable and called for collective action.
Support for Ukraine was also discussed on the sidelines by the Group of Seven advanced economies. German Finance Minister Lars Klingbeil said Ukraine's finance minister joined remotely for talks on support for Kyiv, and said European ministers had made their position on Ukraine clear.
The United States holds the rotating G20 presidency. The finance talks set the stage for a leaders' summit that Trump is due to convene in December in Miami.
Update
G20 finance leaders closed the two-day meeting in Asheville with a chair's statement backed in full by all participants except China.
China dissented from language on safe navigation through the Strait of Hormuz.
China also objected to language on excessive and persistent economic imbalances.
G7 finance leaders discussed support for Ukraine on the sidelines, with Ukraine's finance minister joining remotely.
Source note: AFP news report published on 1 September 2026 at 23:18:32 UTC.
Update
US Treasury Secretary Scott Bessent said 19 of 20 countries agreed to a chair statement at the G20 finance talks.
Bessent said some Europeans had a “sour taste” over Russia's presence but said engagement was important.
Source note: AFP news report published on 1 September 2026 at 22:18:49 UTC.
Update
The US Treasury chief said Russia's presence at the G20 finance talks had no impact on the discussions.
Source note: AFP news report published on 1 September 2026 at 22:11:21 UTC.
Update
A traditional G20 family photo was taken without Russian Finance Minister Anton Siluanov after European officials protested.
US Treasury Secretary Scott Bessent held a bilateral meeting with Siluanov, and a Treasury official said Bessent pushed President Donald Trump's Ukraine peace plan.
Washington used the talks to seek support on Iran sanctions and on reducing what it considers trade imbalances.
Canadian Finance Minister Francois-Philippe Champagne said countries needed to discuss collective action on global imbalances.
Source note: AFP news report published on 1 September 2026 at 19:24:39 UTC.
Update
Canadian Finance Minister Francois-Philippe Champagne said Russian Finance Minister Anton Siluanov's presence at the G20 talks created discomfort.
Champagne said G7 members remained united in support for Ukraine and discussed Ukraine aid on the sidelines of the G20 meeting.
Champagne planned bilateral talks with US Treasury Secretary Scott Bessent as Canada and the United States remain in a trade dispute.
Champagne said Ottawa was ready to look at further sanctions while noting Canada's trade with Russia and Iran was already very low.
Source note: AFP news report published on 1 September 2026 at 17:46:36 UTC.
Update
EU economy chief Valdis Dombrovskis said discussing sensitive economic issues with Russia was inappropriate while Moscow was waging war in Ukraine.
German Finance Minister Lars Klingbeil said European ministers made their position on Ukraine clear and cited recent Russian rocket attacks on civilians.
Ukraine's finance minister joined G7 talks remotely on support for Kyiv, according to Klingbeil.
US Treasury Secretary Scott Bessent said Washington would likely announce a bank sanction this week and another the week after as it seeks to pressure Iran.
Source note: AFP news report published on 1 September 2026 at 14:30:02 UTC.
Update
EU economy chief Valdis Dombrovskis said on the sidelines of the Asheville talks that it was not time to normalize Russia's presence at G20 meetings.
The G20 finance ministers and central bank governors were preparing to open a second day of meetings.
Economic imbalances were on the agenda, likely touching on concerns over China's excess industrial capacity and US claims of unfair trade practices.
James Lindsay of the Council on Foreign Relations said significant breakthroughs were unlikely because of differences among ministers, including on China and Iran sanctions.
Source note: AFP news report published on 1 September 2026 at 12:17:50 UTC.
Update
The EU economy chief said it was not time to “normalize” Russia's presence at the G20.
Source note: AFP news report published on 1 September 2026 at 11:30:02 UTC.
Update
The traditional G20 family photo was taken without Russian Finance Minister Anton Siluanov and away from reporters.
A source familiar with the US-Russia bilateral talks said US Treasury Secretary Scott Bessent made clear that Washington would not provide Russia with economic relief until the war in Ukraine was over.
Business leaders including JPMorgan Chief Executive Jamie Dimon were present at the G20 discussions.
Source note: AFP news report published on 1 September 2026 at 00:18:41 UTC.
Update
Trump defended the Russia invitation by saying he likes “getting along with everybody.”
The source adds that some reporters from major US newsrooms were not granted credentials and that the National Press Club condemned the decision.
US priorities at the G20 include global imbalances and sovereign debt challenges.
Source note: AFP news report published on 31 August 2026 at 23:08:52 UTC.
Update
US Treasury Secretary Scott Bessent said the United States would continue exerting pressure and had already held discussions on Iran.
The European Union urged continued diplomatic efforts toward a peace settlement and welcomed efforts to get Iran to cease destabilizing activities and enter negotiations, including through US-led economic pressure.
Canadian Finance Minister Francois-Philippe Champagne said Canada was ready to discuss trade stability amid a recent US-Canada trade flare-up.
EU economy chief Valdis Dombrovskis said G7 talks on the margins would discuss continued support for Ukraine and the Middle East conflict.
Source note: AFP news report published on 31 August 2026 at 21:53:19 UTC.
Update
White House spokesman Kush Desai said the Trump administration was working with Russia to push for a deal to stop the bloodshed.
A US official confirmed that Treasury Secretary Scott Bessent advocated President Donald Trump's Ukraine peace plan during his bilateral meeting with Siluanov.
The source adds that Trump's initial 28-point plan was criticised by Kyiv and Europe for largely adhering to Moscow's demands.
Source note: AFP news report published on 31 August 2026 at 20:03:15 UTC.
Uncertainty notes
Participants differed over whether Siluanov's attendance affected the talks.
The scope and effect of any private discussions with Russia were not detailed.
Source
AFP news report published on .