FM Sitharaman meets Russian counterpart Siluanov; SCO Development Bank on table

Finance Minister Nirmala Sitharaman met her Russian counterpart Anton Siluanov and discussed strengthening bilateral cooperation and establishing the Shanghai Cooperation Organisation Development Bank.

The two ministers met on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) Meeting in Asheville, about 760 km from in Washington, on Monday (August 31, 2026).

“The two sides exchanged views on strengthening bilateral cooperation, regional and global economic developments, and issues of shared interest in the multilateral sphere,” the Finance Ministry said in a statement on Tuesday (September 1, 2026).

Ms. Sitharaman and Mr. Siluanov discussed cooperation in the New Development Bank and the Asian Infrastructure Investment Bank and explored areas of mutual interest for strengthening both institutions as effective multilateral development banks.

“They also discussed the establishment of the Shanghai Cooperation Organisation Development Bank,” the statement said.

Mr. Siluanov’s presence at the G-20 marked the first in-person participation of a Russian leader at the meeting of the multilateral forum in the U.S..

Earlier, Mr. Siluanov had participated in a G-20 meeting by video link in April 2022, prompting several Western Finance Ministers to walk out in protest.

Also Read | From Russia, no love

Russia was expelled from the Group of Eight (G-8) most industrialised nations after it annexed Ukraine’s Crimean Peninsula in 2014, but it remains a member of the G-20.

G-8 comprises Canada, France, Germany, Italy, Japan, Russia, the U.K., and the U.S..

Asked by reporters at the Oval Office about the invitation to Mr. Siluanov, President Donald Trump said Monday (August 31, 2026): “Well, we are going to see what happens, but we like getting along with everybody. One of the reasons that I’m so successful, I get along with everybody.” Mr. Siluanov also had a bilateral meeting with Treasury Secretary Scott Bessent, and the two leaders discussed the Russian-American financial relationship and issues of cooperation within the G20.