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.

Finance Minister Nirmala Sitharaman arrived in the U.S. city of Asheville in North Carolina for the G-20 finance ministerial meeting, which will focus on global growth against the backdrop of conflicts in West Asia and Europe.

Ms. Sitharaman is currently on a six-day visit to the U.S. running from August 29 to September 2, as part of a broader nine-day tour that began in Canada.

She was received by India’s Ambassador to the U.S. Vinay Mohan Kwatra at Greenville-Spartanburg International Airport in South Carolina on Sunday (August 30, 2026).

The Minister arrived at Asheville, about 760 km from Washington, from Chicago, where she participated in a roundtable conference with prominent investors and engaged with leading CEOs, presidents and senior representatives of the private sector.

U.S. Treasury Secretary Scott Bessent is hosting the G-20 Finance Ministers and central bank governors meeting in Asheville, a city nestled in the Blue Ridge Mountains, on Monday and Tuesday.

“Just as President Donald Trump is reviving American economic growth and making it the centrepiece of this Administration’s agenda, we are taking the same approach and prioritising growth as the host of this year’s G20 Finance Track,” Mr. Bessent said.

Mr. Bessent, who reached Asheville along with Federal Reserve Chairman Kevin Warsh, said in a social media post that the U.S. looked forward to convening policymakers and private sector leaders from around the globe to emphasise that stronger growth is “not only possible, but necessary”.

On the sidelines of the G-20 meetings, Sitharaman on Sunday met William Brown, Chairman and CEO of 3M, an American multinational conglomerate operating in the fields of industry, worker safety, and consumer goods.

“The discussion focused on deepening 3M’s engagement with India, as the country moves beyond being a large consumer market to an increasingly important platform for advanced manufacturing, technology and innovation,” the Finance Ministry said.

Ms. Sitharaman and Mr. Brown also discussed issues related to data security and optimal engagement of the Indian talent pool in domestic enterprises, it said.

With 3M’s capabilities, there is considerable scope to deepen localisation, R&D and technology development in India, particularly by leveraging Indian talent and manufacturing capabilities through regional innovation to serve both the domestic market and wider global and Asia-Pacific supply chains, Ms. Sitharaman said.

The Finance Minister acknowledged 3M’s consistent confidence in India and suggested further investment in R&D, advanced manufacturing and local supply-chain development.

Mr. Brown appreciated the availability of a deep talent pool in India and noted that there are many opportunities present for development of technology, as well as local markets.

He also acknowledged the support of the Government of India as part of the deeper reforms.