Market
What will be the impact of U.S. sanctions on Russian oil exports by December 31, 2025?
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Resolution / Starting Odds
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Reports from energy market analysts and official government data
Story
Trump's Treasury Nominee Bessent '100% On Board' for Tougher Sanctions on Russian Oil to End Ukraine War
Jan 16, 2025, 05:52 PM
Scott Bessent, Donald Trump's nominee for Treasury Secretary, expressed strong support for increasing sanctions on Russia, particularly targeting the Russian oil industry, during his confirmation hearing. Bessent criticized the Biden administration's sanctions as not being aggressive enough, suggesting that they were influenced by concerns over rising gas prices during the election. He stated that if confirmed and directed by Trump, he would be '100% on board' with escalating sanctions on major Russian oil companies to levels that could force Russia to negotiate an end to the war in Ukraine. Bessent's stance on sanctions aligns with Trump's strategy to end the conflict in Ukraine.
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