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.
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