US Treasury Secretary Scott Bessent pushes for more sanctions on Russia, its oil buyers to halt Ukraine conflict

US Treasury Secretary Scott Bessent on Sunday said only the collapse of Russian economy and its trade partners could bring an end to ongoing Russia-Ukraine conflict. Bessent said only the collapse of Russian trade would bring Russian President Vladimir Putin back to the table for peace talks.

 

In a recent interview with NBC News, Treasury Secretary Bessent said only an economic collapse will bring Russia's Vladimir Putin back to the table and have peace talks with Ukraine. “We are in a race now between how long can the Ukrainian military hold up versus how long can the Russian economy can hold up?" said Bessent.

 

"If the US and the European Union can come in with more sanctions, more 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 in the interview. 

 

Bessent's comments come as a team from the European Union is set to visit the United States to discuss sanctions on Russia. According to reports, a team led by EU sanctions envoy David O'Sullivan will visit the US Treasury on Monday, to discuss various forms of economic pressure to exert on Russia. It is likely to include new sanctions on Russia.

 

Bessent said the US is ready to partner with the EU to impose more economic sanctions on Russia. The meeting comes as President Donald Trump has grown increasingly frustrated by his inability to end the 3 1/2-year Russian war in Ukraine, prompted by Moscow's invasion. 

 

The US has imposed an additional 25 per cent tariffs on India, accusing Delhi of fueling Russia's war against Ukraine by purchasing its cheap oil. 

World