US Treasury Secretary Warns of Potential Russian Economic Meltdown Due to Oil Sanctions

Scott Bessant, the US Treasury Secretary, has called on the Trump administration and European countries to intensify economic pressure on Russia. He believes that strong sanctions are key to persuading President Putin to engage in peace negotiations regarding Ukraine. During an appearance on NBC’s ‘Meet the Press,’ Bessant urged strict action against nations that continue to purchase Russian oil. He stated that a joint effort by the US and the European Union to impose secondary tariffs on these countries could trigger a complete collapse of Russia’s economy, thereby forcing Putin to negotiate. Bessant previously labeled India and China as ‘countries playing the wrong role,’ accusing them of indirectly supporting the war by buying Russian oil. The Trump administration responded by imposing a 50% duty on Indian oil and a 145% duty on Chinese goods, although the duty on China has been deferred for 90 days. India has criticized this policy, arguing that many European countries are also buying Russian energy without facing similar penalties. Bessant acknowledged the necessity of US-European cooperation to influence Russia, describing the situation as a race between the Ukrainian army’s survival and the resilience of the Russian economy. These remarks followed a meeting between Trump and Putin in Alaska, which concluded without any concrete agreements. Prime Minister Narendra Modi lauded the efforts of Trump and Putin, reiterating India’s call for a peaceful solution to the war.