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70GEOPOLITICS

US Treasury Secretary meets Russian counterpart at G20, drawing European protest

⚡ Markets: Signals potential for back-channel US-Russia diplomacy, a long-term de-escalatory factor for the Ukraine conflict. Increased US pressure on China's trade surplus adds to US-China tensions.RUBUAHCNH

At a G20 finance ministers meeting, US Treasury Secretary Scott Bessent held a bilateral meeting with Russian Finance Minister Anton Siluanov, reportedly to discuss a US peace plan for Ukraine. The meeting, which Kyiv was reportedly unaware of, drew protests from some European officials. Bessent also used the forum to criticize China's trade surplus.

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