Archive · 2 Sep 2026
Sitharaman Pursues Economic Cooperation with Russia and South Korea
India's Finance Minister Nirmala Sitharaman met officials from Russia and South Korea at a large G20 finance meeting.
The meeting took place in Asheville in the United States.
She and Russia's finance minister talked about working together on economic issues and development banks.
They also discussed a possible development bank for the Shanghai Cooperation Organisation.
With South Korea, Sitharaman discussed trade, investment, critical minerals, and reliable supply chains.
The two countries also want to make their QR-based payment systems work together more easily.
South Korea's finance minister said India has strong growth potential and that cooperation should increase.
Sitharaman also met leaders from the IMF, World Bank Group, and European Commission about the world economy and India's growth.
Nirmala Sitharaman held separate talks with Russian and South Korean delegations during the G20 Finance Ministers and Central Bank Governors Meeting in Asheville.
Sitharaman and Anton Siluanov discussed bilateral cooperation, global economic developments, and collaboration through the New Development Bank and Asian Infrastructure Investment Bank.
India and Russia also discussed establishing a Shanghai Cooperation Organisation Development Bank.
Sitharaman and Koo Yun-cheol discussed stronger financial ties, investment, critical minerals, resilient supply chains, and renewed India-Korea finance ministerial consultations.
Sitharaman separately met officials from the IMF, World Bank Group, and European Commission to discuss global economic conditions and India's growth trajectory.
- Who
- India's Finance Minister Nirmala Sitharaman, Russia's Finance Minister Anton Siluanov, South Korea's Deputy Prime Minister and Minister of Economy and Finance Koo Yun-cheol, and other international economic officials.
- What
- They held bilateral discussions on economic and financial cooperation, development banks, investment, trade, payment systems, and global economic conditions.
- When
- The meetings took place on the sidelines of the G20 Finance Ministers and Central Bank Governors Meeting on Tuesday.
- Where
- Asheville, United States.
- Why
- To strengthen bilateral and multilateral economic cooperation and discuss shared global and regional economic interests.
- Event
- G20 Finance Ministers and Central Bank Governors Meeting
- Location
- Asheville, United States
- Russian counterpart
- Anton Siluanov, Russia's Finance Minister
- South Korean counterpart
- Koo Yun-cheol, Deputy Prime Minister and Minister of Economy and Finance
- Development institutions discussed
- New Development Bank and Asian Infrastructure Investment Bank
- India-South Korea priorities
- Critical minerals, resilient supply chains, investment, infrastructure, green transition, and QR-payment interoperability
- Other officials met
- Kristalina Georgieva, Ajay Banga, and Valdis Dombrovskis