With Russia's economy strained by sanctions and weak oil, investors are betting on a breakthrough deal.

Sberbank chief German Gref said Russia could soon face recession if the key interest rate is not cut drastically.

U.S. Treasury Secretary Scott Bessent said on Sunday that additional economic pressure by the United States and Europe could prompt Russian President Vladimir Putin to enter peace talks with Ukraine.

Russia’s economy returned to growth last quarter, dodging a recession despite pressure from ultra-high interest rates.

In July, Russia collected 787.3 billion rubles, or $9.8 billion, from oil and gas revenue — 27% lower than a year ago.

Hit by falling oil revenues and Western sanctions, growth in the country has slowed while the budget deficit has exploded.

Conn., about his bipartisan bill proposing additional sanctions on Russia and new penalties for its trading partners, including China.

Secretary Scott Bessent said that if the Supreme Court rules against the administration on tariffs, refunding the money would be “terrible” for the Treasury.

US President Donald Trump’s belief he could somehow, through force of personality, convince his Russian counterpart, Vladimir Putin, that he wanted a peace deal was, at best, overly generous to himself and the Kremlin head.