US Treasury Secretary Scott Bessent has told Russia that no sanctions relief will be granted without a peace agreement in Ukraine. The two countries met on August 31, 2026, marking the first in-person engagement between a Russian finance minister and a senior US official since 2022. Moscow has proposed approximately $12 trillion in potential economic cooperation with the United States, spanning sanctions relief and energy ventures. The Trump administration has issued 30-day waivers for specific Russian oil cargoes and established a US-Ukraine Reconstruction Investment Fund, from which entities supporting Russia’s military effort are explicitly excluded. Energy markets are watching closely, with cautious optimism that engagement could eventually stabilize supply chains.
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