G20 Finance Chiefs Conclude Talks as US Welcomes Russia

G20 finance leaders concluded their two-day meeting on Tuesday with a joint statement that won the backing of all members except China, while the United States maintained that Russia’s participation had not affected the discussions.

US Treasury Secretary Scott Bessent said the broad support for the chair’s statement showed that Moscow’s presence had had “no impact” on the talks.

The attendance of Russian Finance Minister Anton Siluanov at the US-hosted meeting in Asheville, North Carolina, had drawn criticism from Ukraine’s European allies, who objected to what they viewed as the normalization of Russia’s participation in the G20.

The Middle East conflict and US President Donald Trump’s tariff policies also featured prominently during the discussions.

The chair’s statement called for “free, safe, and predictable navigation through the Strait of Hormuz,” although China opposed that section. The vital waterway has been largely blocked by Tehran since the war began in late February following US-Israeli strikes on Iran.

Siluanov was excluded from the traditional G20 “family photo” taken on Monday after European officials raised objections. At a separate G20 innovation meeting in Chapel Hill, European and Russian representatives were similarly positioned in separate group photographs.

An EU spokesperson said European representatives had received only limited advance notice of Siluanov’s participation.

“It created discomfort, no doubt about that,” Canadian Finance Minister Francois-Philippe Champagne told AFP when asked whether Siluanov’s presence had affected the talks.

EU economy chief Valdis Dombrovskis said the current circumstances were not appropriate for “normalizing” Russia’s participation in international economic forums. He argued that Moscow’s involvement meant sensitive economic issues were being discussed with officials from a government engaged in what he described as an aggressive war in Ukraine.

Bessent defended the decision to engage with Russia, saying, “I know that some Europeans had a sour taste, but I think it’s very important to engage.” He also noted that Siluanov, whom he met, is not under US sanctions.

The diplomatic tensions came as Germany accused Russia of carrying out an attempted “hybrid attack” involving a drone near a strategic German airport and announced diplomatic counter-measures.

The United States currently holds the rotating G20 presidency and sought during the meetings to build support for sanctions on Iran and efforts to address global trade imbalances. Asked whether Washington had urged Moscow to reduce its support for Iran, Bessent said some discussions were better held privately.

Persistent global imbalances

China also objected to language in the statement warning that “excessive and persistent imbalances pose risks and can generate economic distortions.”

The declaration urged countries to address “non-market policies,” echoing criticism of China’s industrial overcapacity, which its trading partners argue contributes to unfair competition and downward pressure on global prices.

Champagne said global economic imbalances were unsustainable and called for collective action among G20 members.

The G20 consists of 19 countries along with the European Union and African Union. It was established following the 1997–98 Asian financial crisis to strengthen global economic and financial stability.

The Asheville meeting also laid the groundwork for the G20 leaders’ summit that Trump is scheduled to host in Miami in December.

Support for Ukraine was another issue discussed on the sidelines, including during a meeting of the Group of Seven advanced economies.

Russia has intensified missile and other strikes on Kyiv this summer, while US-mediated peace talks remain stalled as Moscow continues to demand major concessions to end the conflict.

German Finance Minister Lars Klingbeil said Tuesday that there had been an increase in “brutal rocket attacks on the civilian population,” adding that the violence must end.

Klingbeil said European finance ministers had made their position on Ukraine “absolutely clear.” During a G7 meeting on Monday, Ukraine’s finance minister also joined remotely to discuss continued international support for Kyiv.