Bessent ends G20 Asheville meeting with Iran message

At the Sept. 1, 2026, G20 meeting in Asheville, US Treasury Secretary Scott Bessent pressed China to support preventing Iranian nuclear proliferation and keeping the Strait of Hormuz open, citing shared US-China interests despite the lack of a formal agreement. Bessent outlined intensified economic sanctions targeting Iranian financial institutions and the IRGC, describing Iran’s economy as in a "death spiral" while US military strikes continue against Iranian targets.

The G20 chair’s statement emphasized global economic resilience but warned that energy disruptions threaten stability; China objected to four paragraphs of the document. The event also highlighted Asheville’s recovery from Hurricane Helene and marked the first G20 public-private partnership, with finance ministers scheduled to meet again in Bangkok before the December Leaders’ Summit in Miami. - Cocoon AI Summary

US Treasury Secretary Scott Bessent used the G20 finance ministers meeting in Asheville to press allies on the economic campaign against Iran, saying the United States and China have more in common than differences when it comes to preventing Tehran from obtaining a nuclear weapon and keeping the Strait of Hormuz open.

Bessent said the United States has held what he described as quiet conversations with both China and Russia about Iran.

“On Iran, we have more in common than we have differences,” Bessent said.

He said China agrees that Iran should not have a nuclear weapon and that commercial navigation through the Strait of Hormuz must remain open.

“I believe it’s incumbent upon China to work toward a solution,” Bessent said.

The U.S. Treasury Secretary issued Russia an ultimatum on the war in Ukraine at a G20 meeting

According to Reuters, citing its sources, Bessent made it clear to Russian Finance Minister Anton Siluanov that there would be no economic support for Russia or agreements on other issues until the war in Ukraine ends.

The outlet notes that Bessent held a bilateral meeting with Siluanov on the sidelines of the G20 finance leaders’ meeting in Asheville, North Carolina.

Earlier, a U.S. official told Reuters that the focus of the Bessent-Siluanov meeting was President Donald Trump’s peace plan for Ukraine. 

Russia’s Finance Ministry said the two officials discussed financial cooperation within the G20 framework.

Leaders of the Shanghai Cooperation Organisation (SCO) have signed a joint statement condemning the US and Israel’s war on Iran and Western sanctions on some of their members.

The “Bishkek Declaration” was signed by Xi, Putin, Modi and Pakistani Prime Minister Sharif, among others.

The SCO started in 1996 and accounts for 43 percent of the world’s population and 23 percent of the global economy.

Economic cooperation was also a key topic SCO members discussed as the US and Israel’s war on Iran continues to hobble trade through key maritime routes, such as the Strait of Hormuz, which in turn has upended global supply chains, the energy market and financial markets.

In their Bishkek declaration, members said they will “support and strengthen an open, transparent, fair, inclusive, and non-discriminatory multilateral trading system based on generally accepted international principles and rules that promotes global economic development, ensures fair market access, and ensures special and differential treatment for developing countries.”

Trita Parsi: "This is a big deal, particularly since India - an ally of both the US and Israel - also signed it." 

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