Russia’s finance minister attended a Group of 20 meeting in Bangkok on Thursday, testing how far Washington’s rapprochement with Moscow will strain its ties with Europe.
Zoom in: Anton Siluanov and Bank of Russia deputy governor Elizaveta Danilova were listed as Russia’s delegates at the finance ministers and central bank governors’ meetings, held alongside the IMF and World Bank annual meetings. A seating plan seen by CNBC placed the Russian delegates between South Korea and the United Arab Emirates.
The backstory: At the G20 finance meeting in Asheville, North Carolina, German finance minister Lars Klingbeil told Siluanov that Moscow must end the war and declined to pose in a group photo with him. The traditional photo was eventually taken without the Russian delegation after European officials protested.
- Klingbeil, also listed in Bangkok, reportedly said afterward that "there will be no pretending that Russia is now returning as a normal member of the G20 and simply taking its seat at the table again."
Between the lines: The US holds the G20 presidency this year and welcomed Siluanov back after years of isolation. The administration also introduced a deal to temporarily lift sanctions on Russian diesel imports until April, drawing criticism from Ukrainian President Volodymyr Zelenskyy and European allies.
- The EU’s Valdis Dombrovskis told CNBC on Wednesday that "now it’s not a time to ease sanctions on Russia."
Yes, but: The finance chiefs closed the meeting without a joint communique, underscoring splits over the Middle East conflict, trade imbalances and the war in Ukraine. US Treasury Secretary Scott Bessent, who would normally chair the talks, stayed in Washington.
What's next: Australian Treasurer Jim Chalmers said in a statement after the meetings that Iran’s closure of the Strait of Hormuz and attacks on commercial vessels must end, and called on Russia to end the war and respect Ukraine’s sovereignty.
Why it matters: Seating Russia at the G20’s financial table is the clearest sign yet that Washington is rebuilding ties with Moscow, and Europe is signaling it will treat that as its own decision alone.
