FM Sitharaman meets Russian counterpart Siluanov; SCO Development Bank on table
The Union Finance Minister met the Russian Finance Minister on the sidelines of the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting held in Asheville, United States, on September 1, 2026
The two sides discussed bilateral cooperation, regional and global economic developments, and issues of shared interest in multilateral forums
Cooperation within the New Development Bank (NDB) and the Asian Infrastructure Investment Bank (AIIB) was discussed, with both sides exploring ways to strengthen these institutions as effective multilateral development banks
The meeting took place alongside separate discussions with other finance ministers at the G20 gathering
G20 Finance Ministers and Central Bank Governors (FMCBG) Track
The G20 was established in 1999, initially as a forum of finance ministers and central bank governors after the Asian financial crisis, to promote international financial stability. It elevated to a leaders'-level summit from 2008 following the global financial crisis, but the original FMCBG track continues to meet multiple times a year to prepare the technical and macroeconomic agenda for the leaders' summit.
Key Details
- G20 membership: 19 countries, the European Union, and the African Union (admitted as a permanent member at the 2023 New Delhi Summit)
- India held the G20 Presidency in 2023 (theme: "Vasudhaiva Kutumbakam" — One Earth, One Family, One Future); the presidency rotates annually
- FMCBG meetings feed into the G20 leaders' summit communique and cover monetary policy coordination, sovereign debt, financial regulation and multilateral development bank (MDB) reform
- The G20 has no permanent secretariat; administrative continuity is maintained through the "Troika" of the current, previous and next presidency-holding countries
The bilateral meeting took place within the FMCBG track, the venue where India and Russia — both G20 members — coordinate positions on MDB reform ahead of the leaders' summit.
New Development Bank (NDB) — the BRICS Bank
The New Development Bank was established by the BRICS grouping (Brazil, Russia, India, China, South Africa) under an agreement signed at the 2014 Fortaleza Summit, entering into force in 2015, as an alternative multilateral lender to the World Bank and IMF for infrastructure and sustainable development financing in emerging economies.
The two ministers' discussion on strengthening the NDB reflects continuing India-Russia coordination as founding shareholders with equal voting weight in the institution.
Asian Infrastructure Investment Bank (AIIB)
The AIIB is a China-led multilateral development bank headquartered in Beijing, established in 2016 to finance infrastructure in Asia and beyond, seen as a parallel institution to the Asian Development Bank (ADB, dominated by Japan and the US).
Discussion of AIIB alongside the NDB situates the bilateral meeting within the broader India-Russia interest in diversifying development-finance channels away from Bretton Woods-dominated institutions.
- G20 FMCBG meeting venue: Asheville, United States; meeting date: September 1, 2026
- G20 established: 1999 (finance ministers/central bank governors level); leaders' summit level since 2008
- NDB: established via 2014 Fortaleza agreement, operational 2015; HQ Shanghai; 5 founding members at 20% voting share each
- AIIB: established 2016; HQ Beijing; India is founding member, second-largest shareholder, largest borrower
- African Union admitted as permanent G20 member: 2023 New Delhi Summit