US Treasury Secretary says Russia could receive sanctions relief in negotiations.

(Reuters)- Russia could have its U.S. sanctions partially eased depending on its willingness to negotiate an end to the war with Ukraine, U.S. Treasury Secretary Scott Bessent told Bloomberg Television on Thursday.    

Bessent also said he will speak with his Chinese counterpart on Friday to urge China to rebalance its economy in order to increase consumer spending.    

Asked if the US might increase or decrease sanctions against Russia depending on the outcome of negotiations surrounding the war in Ukraine, Bessent stated: “That would be a very good characterization.” He added: “The president is committed to ending this conflict very quickly.”    

US President Donald Trump said he may meet with his Russian counterpart, Vladimir Putin, this month to discuss ending the war.    

In the interview, Bessent declined to set a timeline for a meeting between Trump and Putin, but confirmed that he will not attend the G20 finance ministers' and central bank governors' meeting next week in South Africa "due to some domestic issues."

During his Senate confirmation hearing, Bessent stated that he would support increased sanctions against Russian energy, especially large oil companies, should Trump request it.    

The Treasury chief criticized Ukrainian President Volodymyr Zelenskiy for not signing a $500 billion deal to supply critical minerals to the U.S. and for escalating the war of words with Trump. The U.S. president accused Zelenskiy of being a "dictator."    

Bessent said that Zelenskiy “assured me that he would sign the minerals agreement in Munich, but he didn’t.” He described the mineral reserve agreement as part of an “elegant plan” to bring Ukraine closer to the American gravitational field.

On Wednesday, Zelenskiy rejected US demands that Ukraine compensate Washington for war aid with mineral supplies, saying the US had not provided nearly the amount now demanded and that there were no security guarantees in the agreement.