US Treasury Secretary Scott Bessent said that coordinated action by Washington and the European Union against nations purchasing Russian oil could collapse Russia’s economy and force President Vladimir Putin to the negotiating table.
“If the US and the European Union can increase sanctions and impose secondary tariffs on countries buying Russian oil, the Russian economy will collapse entirely. That will be enough to bring President Putin to the negotiating table,” he said.
Bessent added that the US is prepared to step up pressure on Russia, but it needs European partners to follow suit.
“We are prepared to increase pressure on Russia, but we need our European partners to follow us”, he added.
Trump Signals ‘Second Stage’ Of Sanctions Against Moscow
Bessent’s remarks came after US President Donald Trump on Sunday announced that he is ready to move into what he described as the “second stage” of sanctions against Russia, signaling preparations for a new wave of economic restrictions aimed at pressuring Moscow to end the conflict in Ukraine.
Bessent’s comments follow Trump’s recent call urging European countries to stop importing Russian oil, saying the revenues are funding Moscow’s war in Ukraine. Trump made the appeal during a call with leaders of the ‘Coalition of the Willing,’ led by French President Emmanuel Macron, which reportedly discussed offering Ukraine security guarantees in case of a peace deal with Russia.
Trump’s 50% Tariff On India
The United States has already imposed significant penalties, including a hefty 50 per cent tariff on India that took effect on August 27. Trump had initially levied a 25 per cent tariff, citing unfair trade practices, and later added another 25 per cent over New Delhi’s purchase of Russian oil.
India has criticized the US decision to impose a 50% tariff, saying it is being unfairly singled out while many European countries continue large-scale imports of Russian oil and gas. New Delhi pointed out that Europe traded goods worth EUR 67.5 billion with Russia in 2024 and EUR 17.2 billion in services in 2023, despite the war. Indian officials argue this shows double standards, as Europe has not faced similar restrictions despite ongoing business with Moscow.