Bessent cites Ukrainian strikes on Russia as one cause of global energy shock

Scott Bessent has identified Ukraine's attacks on Russian energy resources and refined products as one of the forces behind a global energy shock, adding another controversial element to Washington's position on the war.

Speaking to Fox News after two days of G20 meetings with finance ministers in North Carolina, the U.S. Treasury secretary said the war was putting pressure on prices around the world. He also referred to the conflict in Iran and said that conflict would end.

The remarks came after the United States angered some allies by inviting Russian Finance Minister Anton Siluanov to the G20 meeting. In similar forums in the past, U.S. and other Western officials had left when Siluanov addressed colleagues by video link.

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We are currently experiencing an energy shock both because of the war in Ukraine, because Ukraine decided that it wants to blow up Russia's energy resources and refined products, and this is putting pressure on prices worldwide. And then there is the conflict in Iran. And the conflict in Iran will end.

At a news conference on Tuesday, September 1, Bessent defended his decision to meet Siluanov. “Unfortunately, this terrible conflict between Russia and Ukraine, if the countries do not talk, if we do not engage, how can it be resolved?” he said. “I know some Europeans were not happy, but I think it is very important to engage.”

His comments conflict with the position of many U.S. lawmakers, who regard Russia as the aggressor in the war against Ukraine. The Senate has passed a bipartisan bill that would require Donald Trump's administration to impose tougher sanctions on Russia.

Bessent and Trump have taken a more accommodating approach toward Moscow. In April, the Treasury secretary faced criticism after temporarily lifting sanctions on some Russian oil in an effort to lower global energy prices.

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Unfortunately, this terrible conflict between Russia and Ukraine, if the countries do not talk, if we do not engage, how can it be resolved? I know some Europeans were not happy, but I think it is very important to engage.