US Treasury Head Warns of Russian Economic Collapse if Oil-Buying Nations Face Tariffs

US Treasury Secretary Scott Bessant has urged the Trump administration and European countries to escalate economic pressure on Russia. He believes that strong sanctions are crucial to compelling President Putin to negotiate peace in Ukraine. During an appearance on NBC’s ‘Meet the Press,’ Bessant advocated for strict measures against nations continuing to purchase Russian oil. He stated that if the US and the European Union jointly impose secondary tariffs on these countries, Russia’s economy could face complete collapse, thereby forcing Putin to the negotiating table. Bessant recently criticized India and China, describing them as ‘countries playing the wrong role,’ alleging that their oil purchases indirectly support the war. The Trump government responded by imposing a 50% duty on Indian oil and a 145% duty on Chinese goods, though the duty on Chinese goods has been temporarily postponed for 90 days. India has voiced criticism of this policy, pointing out that several European nations also buy Russian energy without facing similar repercussions. Bessant acknowledged that the US and Europe must collaborate to influence Russia, observing that the situation has become a race between the Ukrainian army’s survival and the Russian economy’s resilience. This comment was made in the context of former President Trump’s admission that he has not yet been able to halt the Ukraine war, despite promising to end it if re-elected.