Russia’s Economy at Risk if Oil-Buying Nations Face Sanctions, US Treasury Secretary Says

The US Treasury Secretary, Scott Bessant, has urged the Trump administration and European countries to increase economic pressure on Russia, advocating for strong sanctions to push President Putin towards peace negotiations in Ukraine. On NBC’s ‘Meet the Press,’ Bessant called for strict measures against countries that are still purchasing Russian oil. He believes that the imposition of secondary tariffs by the US and the European Union on these nations could lead to the complete collapse of the Russian economy, potentially forcing Putin to negotiate. Bessant had previously criticized India and China, accusing them of indirectly supporting the war through their oil purchases. The Trump government took action, imposing a 50% duty on Indian oil and a 145% duty on Chinese goods, though the latter has been postponed for 90 days. India has protested this policy, noting that several European countries are also buying Russian energy without repercussions. Bessant agreed that the US and Europe need to work together to influence Russia, stating that it’s now a contest between the survival of the Ukrainian army and the longevity of the Russian economy. This statement came after the Trump-Putin meeting in Alaska, which did not produce any tangible results. Prime Minister Narendra Modi praised the efforts of Trump and Putin and reiterated India’s plea for a peaceful resolution to the war. As the war in Ukraine continues, international pressure is growing to coordinate economic and diplomatic strategies. It remains to be seen if Bessant’s appeal will alter the course of this conflict.