U.S. Treasury Secretary Scott Bessent reportedly told Russian Finance Minister Anton Siluanov that no sanctions relief or new agreements with Moscow were possible, as long as the war in Ukraine continues.

The two officials met on the sidelines of a Group of 20 finance leaders gathering in Asheville, North Carolina.

Bessent’s remarks came as Siluanov’s first in-person appearance at the summit since Russia’s invasion of Ukraine in 2022 drew objections from other European leaders. European governments have planned to expand sanctions to further squeeze Moscow’s economy and finances.

The rare meeting underscored Washington’s willingness to reopen high-level diplomatic channels with Moscow, even as European allies have intended to keep the nation isolated while the war continues.

Bessent made it clear to Siluanov that “nothing is possible until the war is over,” when the Russian minister brought up other areas of mutual interest, Reuters reported.

The meeting centered on President Donald Trump’s peace plan for Ukraine and economic growth, according to Axios, while Russia’s finance ministry described the discussions as covering financial cooperation between the two nations within the G20 framework.

Russia’s surprise return to the table sparked dismay among European officials, who opposed appearing with Siluanov in the traditional G20 photo, which was ultimately taken without the Russian minister.

Venezuelan interim authorities have granted U.S.-backed North American Blue Energy Partners, or NABEP, 100-year concessions for 17 oil fields, with proven reserves of about 65 billion barrels, the White House said on Monday.

NABEP is the second-largest private oil producer in Venezuela. The company has granted the U.S. Department of War’s Office of Strategic Capital an equity stake of 35% in its corporate parent, according to the White House, representing up to “hundreds of billions in value and dividends for the United States.”

President Donald Trump announced Friday a deal with Caracas that would give the U.S. majority control over 65 billion barrels, or about 20% of the South American nation’s massive oil reserves. The U.S. had about 46 billion barrels in proven oil reserves as of end-2024, according to official figures.

In a fact sheet published Monday evening stateside, the U.S. government said it would enjoy the right to purchase, at production cost, a guaranteed 20% of the off-take from all current and future fields NABEP will operate, as part of an effort to facilitate refilling the U.S. strategic petroleum reserves.

The U.S. government also has the “right of first refusal” to purchase the remaining 80% of NABEP’s production, making Washington the prioritized buyer for its energy reserves.

Analysts, however, remained skeptical that the landmark oil deal could meaningfully boost the U.S. energy production and bring down gas prices for Americans in the near term. Huge investments are needed to extract the rich resources in Venezuela, whose oil output remains at a fraction of its capacity due to decades of mismanagement, lack of investment and sanctions.

NABEP also planned to invest up to $100 billion in new oil infrastructure in Venezuela to scale production, the White House said. Under the agreement, the company is expected to pay $200 billion in royalty and tax payments to Venezuelan governments over the first 25 years.

A tanker was struck by three unidentified projectiles while navigating the Strait of Hormuz on Monday, raising concerns that the Middle East conflict could flare up again.

The vessel was traveling in the southern shipping lane near the Omani coast, according to a Tuesday statement from the UK Maritime Trade Operations agency, posted in Asia time. No injuries were reported.

Iran launched an attack on two U.S. bases in Jordan on Monday in retaliation for America’s strike on its Larak Island. U.S. forces targeted two Iranian rocket launchers on Larak Island on Sunday, reportedly killing three, claiming that Tehran intended to fire rockets carrying sea mines into the Strait of Hormuz.

The small island, situated in the Strait of Hormuz, has been a critical military and shipping control point for Iranian forces, enabling them to maintain tight control over vessel traffic through one of the world’s most vital maritime routes.

The tit-for-tat hostilities marked the first time in over a month that the U.S. and Iran have exchanged strikes.

While neither side appears to be seeking a return to full-scale war, both have signaled readiness to respond to further attacks. “We are going to hit them hard,” President Donald Trump told Fox News on Monday, stating that “there will be a response” to Iran’s attacks on U.S. military bases in the region.

Analysts largely view the U.S. attack on Larak Island as an attempt to break a deadlock rather than a shift in strategy. “By targeting the launchers rather than broader Iranian military infrastructure, the U.S. seems to be punishing a specific behavior rather than, at least for now, expanding its war aims,” said Ali Vaez, deputy program director at International Crisis Group.

“It is enforcing the blockade,” said Jason Brodsky, policy director of United Against Nuclear Iran, adding that the Trump administration’s goal is to further degrade Tehran’s ability to mine the Strait of Hormuz, while focusing on economic coercive measures as the midterm elections approach.

Washington has intensified pressure to squeeze Iran’s already weakened economy with “secondary sanctions” that penalize nations and businesses buying Iranian crude. U.S. Treasury Secretary Scott Bessent said Monday, on the sidelines of the Group of 20 finance ministers’ gathering, that Iran was “lashing out kinetically” because the new sanctions were taking a toll on its economy.

Speaking from the Oval Office on Monday, Trump reportedly said that Iran’s financial systems, armed forces, and governing body have largely degraded. “It doesn’t mean we won’t smack them to see what happens,” the president said.

The war, now entering its seventh month, has disrupted global energy supplies and sent shockwaves through global financial markets. International oil benchmark Brent surged past $90 a barrel amid renewed hostilities and last traded at $91.08 on Tuesday. U.S. West Texas Intermediate futures added less than 1% to $86.65 per barrel.

“This is fundamentally an endurance contest,” said Brodsky, as Trump has demonstrated an “unpredictability” that should concern the Iranians, and Tehran may lash out more aggressively militarily as economic pressure mounts.