FM Sitharaman meets Russian counterpart Siluanov; SCO Development Bank on table
Indian Finance Minister Nirmala Sitharaman met with her Russian counterpart Anton Siluanov at the G20 summit to discuss bilateral cooperation and the potential creation of an SCO Development Bank. The meeting also touched upon strengthening multilateral development institutions.
Why it matters
The discussion of an SCO Development Bank suggests a shift in geopolitical financial alliances and efforts to create alternatives to Western-led financial institutions.
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.
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