More Tariffs On Oil Buyers Will Bring Putin To Table: US Treasury Chief

Scott Bessent has called for secondary tariffs on countries importing Russian oil to encourage negotiations from President Putin, highlighting the need for European support amidst the ongoing Ukraine conflict.

US Treasury Secretary Scott Bessent has urged for secondary tariffs on countries importing Russian oil to pressure President Vladimir Putin into negotiations. The US Treasury Secretary hinted that Washington is ready to tighten sanctions on Russia and called on European allies to help "collapse" the Russian economy by targeting nations still purchasing Moscow's oil.

Bessent, speaking to NBC News, described the conflict in Ukraine as a race between the endurance of the Ukrainian military and the resilience of the Russian economy. He suggested that additional sanctions and secondary tariffs could push Russia into economic collapse, forcing Putin to negotiate. "We are prepared to increase pressure on Russia, but we need our European partners to follow us," Bessent stated.

US Sanctions and European Support

The call for action comes after the Trump administration imposed 50 percent tariffs on India due to its continued purchase of Russian oil. These levies are among the highest Washington has enforced on any nation. Hours before Bessent's comments, Russia launched what Ukrainian officials called its largest air assault since the invasion began in 2022, killing at least four people and hitting a government building in Kyiv.

US Envoy to Ukraine Keith Kellogg condemned this attack, noting on X that it "appears to be escalating with the largest attack of the war, hitting offices of the UKR Cabinet in Kyiv." He added that this assault was not an indication of Russia seeking a diplomatic end to the conflict.

Trump's Stance on Sanctions

President Donald Trump hinted at a tougher stance against Moscow or its oil buyers. When asked if he was ready for "the second phase" of sanctions, Trump replied affirmatively but did not provide specifics. Although he has threatened increased pressure on Russia, he has yet to commit to specific measures while struggling to fulfil promises of ending the war swiftly.

Ukrainian President Volodymyr Zelenskyy expressed gratitude towards partners considering penalties against states still trading with Moscow. In an ABC interview, he remarked: "I'm very thankful to all the partners, but some of them continue [to] buy oil and Russian gas and this is not fair… I think putting tariffs on countries making deals with Russia is right."

Diplomatic Efforts and Challenges

For months, Trump has sought a diplomatic resolution without success. Last week, he met Putin in Alaska for their first meeting since his second term began. Shortly after, he hosted Zelenskyy and European leaders in Washington for talks aimed at ending the war. However, optimism for peace has waned as Russia continues its bombardment of Ukrainian cities.

The situation remains tense as both sides brace for further developments. The international community watches closely as efforts continue to find a resolution amidst ongoing conflict and economic pressures.