US Treasury’s Bessent tells Russia economic relief tied to Ukraine war end

US Treasury Secretary Scott Bessent has delivered a blunt message to Moscow: no sanctions relief without a peace agreement in Ukraine. The stance crystallizes the Trump administration’s strategy of using economic pressure as its primary lever in negotiations, treating Russia’s desire for normalized trade relations as a bargaining chip rather than a diplomatic courtesy. Bessent’s positioning comes as both sides have shown at least a willingness to sit in the same room. The Treasury Secretary 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. The economics of leverage The scale of what’s at stake helps explain why Russia keeps showing up to talks. Moscow has reportedly proposed roughly $12 trillion in potential economic cooperation with the US, spanning sanctions relief and energy ventures. Washington’s leverage rests on targeted sanctions against major Russian firms, with Rosneft and Lukoil singled out as particularly effective pressure points. The administration has credited these measures with bringing Russ...