Economic Sanctions on Oil Buyers Could Cripple Russia, Says US Treasury Secretary

Scott Bessant, the US Treasury Secretary, is advocating for increased economic pressure on Russia, urging both the Trump administration and European nations to take decisive action. He believes that the imposition of tough sanctions could compel President Putin to negotiate a peaceful resolution to the conflict in Ukraine. Speaking on ‘Meet the Press,’ Bessant highlighted the importance of stringent measures against countries continuing to buy Russian oil. He warned that the coordinated implementation of secondary tariffs by the US and the European Union on these nations could lead to a complete economic collapse in Russia, potentially forcing Putin to the negotiating table. Bessant previously singled out India and China, accusing them of indirectly supporting the war through their purchases of Russian oil, describing their role as unhelpful. In response, the Trump administration implemented a 50% duty on Indian oil and a 145% duty on Chinese goods, though the latter has been temporarily delayed for three months. India has expressed its disapproval of these tariffs, noting that many European countries are also purchasing Russian energy without facing similar penalties. Bessant conceded that the US and Europe need to work together to influence Russia, framing the conflict as a contest between the duration of the Ukrainian army’s resistance and the endurance of the Russian economy. His comments came after a meeting between Trump and Putin in Alaska, which concluded without a formal agreement.