U.S. Treasury Secretary Scott Bessent suggested on Sunday that intensified economic measures from the United States and the European Union might compel Russian President Vladimir Putin to consider negotiations with Ukraine. Appearing on NBC’s “Meet the Press,” Bessent argued that expanding sanctions and introducing secondary tariffs on countries importing Russian oil could drive Moscow’s economy into a state of collapse, thereby increasing the likelihood of diplomatic engagement.
“If the U.S. and the EU act together, applying further penalties, the Russian economy could fully break down, which would bring President Putin to the negotiating table,” Bessent stated. He stressed that Washington is ready to escalate pressure but underscored the necessity of European cooperation, framing the situation as a contest between Ukraine’s military endurance and Russia’s economic stamina.
The Trump administration has refrained from imposing new sanctions on China, a major purchaser of Russian energy, but has increased import duties on India, another significant buyer of Russian oil. This shift reflects a targeted strategy aimed at weakening Russia’s revenue streams without broad geopolitical escalation.
Bessent’s comments followed a large-scale Russian aerial offensive, underscoring the ongoing volatility of the conflict. His remarks align with broader U.S. efforts to isolate Russia economically while supporting Ukraine’s defense capabilities.
The administration is currently contesting a Federal Circuit Court decision that invalidated sweeping tariffs enacted under presidential emergency powers, with the court ruling that such authority rests solely with Congress. Bessent expressed optimism about prevailing in the Supreme Court but acknowledged that a reversal would require refunding a substantial portion of tariff receipts—an outcome he described as harmful to federal finances.
Despite criticism over trade policies, Bessent maintained that the economic outlook remains strong, citing GDP growth and stock market performance as evidence of resilience. He dismissed claims of a domestic “jobs recession,” emphasizing that policy decisions should not hinge on a single economic indicator.
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Economic Pressure Could Bring Russia to Negotiating Table, Bessent Says
By John Kruzel n nWASHINGTON (Reuters) -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. n n”If the U.S. and the (European Union) can come in, do more sanctions, secondary tariffs on the countries that buy Russian oil, the Russian economy will be in full collapse, and that will bring President Putin to the table,” Bessent said on NBC ‘s Meet the Press. n nBessent said President Donald Trump ‘s administration is “prepared to increase pressure on Russia.” n nBut, he added, “we need our European partners to follow us, because if the U.S. and the EU do this together, we are in a race now between how long can the Ukrainian military hold up versus how long can the Russian economy hold up?” n nTrump has been frustrated at his inability to bring a halt to the fighting in Ukraine after he initially predicted he would be able to end the war swiftly when he took office in January. n nHe has withheld new sanctions on Russia and China, a top Russian oil buyer. But he has ramped up tariffs on U.S. imports from India, another top Russian energy consumer. n nMORE: n nPlaces the U.S. Government Warns Not to Travel Right Now n n(Reporting by John Kruzel; Editing by Ross Colvin and Andrea Ricci) n nCopyright 2025 Thomson Reuters.