‘Russian economy will be in total collapse’: Trump official wants more tariffs on countries buying Russia oil; urges EU to add pressure

Bessent made these observations shortly after Russia carried out its most intensive aerial assault for the reason that warfare started.

US Treasury Secretary Scott Bessent has referred to as on the European Union to be part of America in including pressure on Russia, and indicating risk of more tariffs on countries buying Russian crude oil. The Donald Trump administration has already imposed 25% further tariffs on India for its oil commerce with Russia, accusing it of not directly financing the Russia-Ukraine warfare.The total tariffs on India now stand at 50% – marking one of many steepest obligation charges imposed on any nation globally, due to India’s ongoing Russian oil imports throughout the Ukraine battle.

Russia crude oil commerce: More tariffs, sanctions?

According to an NBC News report, Bessent indicated on Sunday that the United States is keen to collaborate with European nations on implementing further sanctions focusing on countries buying Russian oil, aiming to destabilise the Russian economy.“We are prepared to increase pressure on Russia, but we need our European partners to follow us,” Bessent advised NBC News.Also Read | Trump tariffs on India’s software program exports? Why IT sector is nervous – double taxation, visa tightening might deal a blow“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 added. “And if the US and the [European Union] can come in, do more sanctions, secondary tariffs on the countries that buy Russian oil, the Russian economy will be in total collapse, and that will bring [Russian] President [Vladimir] Putin to the table.”Bessent made these observations shortly after Russia carried out its most intensive aerial assault for the reason that warfare started.These statements adopted US President Donald Trump’s latest assembly with Putin in Alaska. Subsequently, the US president welcomed Ukrainian President Volodymyr Zelenskyy and European officers on the White House to discover attainable resolutions to finish the battle.Since that point, discussions relating to a ceasefire or conclusion to the battle have come to a halt.Bessent moreover addressed the Trump administration’s Supreme Court petition to reverse a circuit courtroom ruling that opposed the president’s intensive tariff measures.“I am confident that we will win at the Supreme Court,” the treasury secretary was quoted as saying.Also Read | The 50% misfire: How Trump made Russian oil cheaper for India – And Putin a winner