US Treasury Secretary Scott Bessent has indicated that the United States is prepared to intensify economic restrictions on Russia and called on European allies to assist in undermining Moscow’s financial stability by targeting nations that still import Russian oil. In an interview aired on NBC News, Bessent framed the ongoing war as a dual endurance test: one measuring how long Ukraine’s armed forces can withstand attacks, and the other assessing the resilience of Russia’s financial system under mounting international pressure.
Bessent argued that imposing further penalties, including secondary tariffs on countries purchasing Russian crude, could drive the Kremlin’s economy toward a breaking point, potentially forcing President Vladimir Putin into negotiations. He emphasized that while Washington is ready to escalate, cooperation from European partners is essential to maximize impact.
This statement follows the Trump administration’s recent decision to impose a 50 percent tariff on India due to its continued acquisition of Russian petroleum—a move among the most aggressive trade actions taken by the US against any nation in recent years.
The comments came shortly after Ukrainian authorities reported what they described as the largest aerial offensive by Russia since the conflict began in 2022. Overnight strikes resulted in at least four fatalities and caused a fire in a government building in Kyiv. US Ambassador to Ukraine Keith Kellogg responded on social media, stating that the scale of the assault suggested an escalation, particularly due to the targeting of the Ukrainian Cabinet’s offices. He dismissed the idea that the attack signaled any willingness from Moscow to pursue peace talks.
President Trump also suggested a harder line may be forthcoming, confirming he was open to advancing to a “second phase” of sanctions, though he offered no specifics. While Trump has frequently warned of escalating economic measures against Russia or its trade partners, he has yet to outline concrete steps, even as he faces criticism for failing to deliver on promises to swiftly conclude the war.
Ukrainian President Volodymyr Zelenskyy expressed support for penalizing nations that maintain economic ties with Russia. In a conversation with ABC, he expressed gratitude to international allies but criticized those still importing Russian energy, calling such actions inconsistent with solidarity. He endorsed the idea of levying tariffs on countries continuing business with Moscow, describing it as a justified and effective strategy.
For months, the Trump administration has sought a diplomatic resolution. This included a recent meeting in Alaska between Trump and Putin—the first since Trump resumed office—and a follow-up summit in Washington with Zelenskyy and European leaders. Despite initial hopes, progress has stalled as Russian military operations continue across Ukrainian urban centers.
— news from Al Jazeera
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US-European sanctions could ‘collapse’ Russian economy: Trump aide
US Treasury Secretary Scott Bessent has signalled that Washington is ready to tighten sanctions on Russia and urged European allies to help “collapse” the Russian economy by pressuring countries that continue to buy Moscow’s oil.
Speaking to NBC News on Sunday, Bessent said the conflict has become “a race now between how long can the Ukrainian military hold up, versus how long can the Russian economy hold up”.
According to Bessent, additional sanctions and secondary tariffs on nations importing Russian crude would push the Russian economy “into total collapse” and bring President Vladimir Putin “to the table”.
“We are prepared to increase pressure on Russia, but we need our European partners to follow us,” said Bessent.
The warning comes a month after the administration of US President Donald Trump slapped 50 percent tariffs on India over its continued purchases of Russian oil, among the steepest levies Washington has imposed on any country.
Hours before Bessent’s remarks, Russia carried out what Ukrainian officials described as its largest air assault since the invasion began in 2022. The overnight strikes killed at least four people and ignited a government building in Kyiv.
US Envoy to Ukraine Keith Kellogg condemned the attack on Sunday, writing on X that Moscow “appears to be escalating with the largest attack of the war, hitting offices of the UKR Cabinet in Kyiv.”
“The attack was not a signal that Russia wants to diplomatically end this war,” he added.
Trump also hinted on Sunday at a tougher stance, suggesting he was prepared to escalate sanctions against Moscow or its oil buyers.
Asked at the White House whether he was ready to move to “the second phase” of sanctions, the US president replied, “Yeah, I am,” but declined to provide details.
Trump has repeatedly threatened to increase pressure on Russia, but has stopped short of committing to specific measures, even as he struggles to deliver on promises to end the war quickly.
Ukrainian President Volodymyr Zelenskyy welcomed the prospect of penalties on states still doing business with Moscow.
In an interview with ABC on Sunday, he said: “I’m very thankful to all the partners, but some of them, I mean, they continue [to] buy oil and Russian gas and this is not fair… I think the idea to put tariffs on the countries that continue make deals with Russia, I think this is the right idea.”
For months, Trump has been pushing to find a diplomatic resolution to the conflict, to no avail.
Last week, he travelled to Alaska for his first meeting with Putin since starting his second term. Shortly afterwards, he hosted Zelenskyy and European leaders in Washington for discussions on ending the war.
But optimism for peace has since faded, with Russia persisting in its bombardment of Ukrainian cities.