US Treasury Chief: Oil Tariffs Will Collapse Russian Economy
US Treasury Secretary Scott Bessent demanded additional sanctions and secondary tariffs on nations that trade with Moscow after accusing China and India of aiding Russia in its war in Ukraine.
Ankush Pandey
The Trump administration and Europe should put more economic pressure on Russia, US Treasury Secretary Scott Bessent said Sunday, as this could compel President Vladimir Putin to move forward with peace negotiations with Ukraine.
Bessent, who previously accused China and India of being "bad actors" for continuing to buy Russian oil and for aiding Russia's war in Ukraine, demanded additional sanctions and secondary taxes on nations that trade with Moscow.
Bessent stated on NBC's Meet the Press that "the Russian economy will be in full collapse, and that will bring President Putin to the table if the US and the (European Union) can come in, do more sanctions, secondary tariffs on the countries that buy Russian oil," according to news agency Reuters.
The Trump administration was "prepared to increase pressure on Russia," according to Bessent. China was hit with a startling 145% levy, although that was halted for 90 days, while India was hit with harsh 50% tariffs by the US for purchasing Russian petroleum.
India, however, criticised the West for its hypocrisy, pointing out that while several European nations also purchase significant amounts of Russian energy, they have not received the same punishment.
"We need our European partners to follow us, because if the US 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?" Bessent was added.
Despite his earlier promises that he could put an end to the war in Ukraine as soon as he took office for the second time in January, Trump has become frustrated by his inability to do so.
Bessent's comments followed the conclusion of the high-profile summit between Donald Trump and Vladimir Putin in Alaska, which ended without a deal to halt or stop the war in Ukraine, which is currently in its fourth year and is the deadliest conflict in Europe since 1945.
"There's no deal until there's a deal," Trump remarked, referring to the discussions as "productive" despite the fact that the two leaders agreed on many areas.
Prime Minister Narendra Modi responded to the Trump-Putin Alaska meeting by stating that India has continuously advocated for a peaceful settlement of the Ukraine crisis and backs any initiatives made in this direction. Trump and Putin's leadership in pursuing peace was hailed as "highly commendable" by New Delhi.
RUSSIA-UKRAINE HOSTILITIES CONTINUE
The crisis between Ukraine and Russia intensified on Sunday as Russian forces attacked government facilities in central Kyiv that house Ukraine's cabinet, causing fires and killing at least three people.
Meanwhile, the geopolitics surrounding the war are still being played out behind the scenes. Ukraine escalated the conflict into the realm of government and energy infrastructure by striking back at Russia's Druzhba oil pipeline in the Bryansk region.
As efforts to halt the violence continue, officials described the midnight assault as the most significant escalation in months, with thick black smoke rising from the roof and upper floors of the cabinet building in Kyiv's Pecherskyi neighbourhood.
