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Market
Significant increase in U.S. gas prices following Russian oil sanctions by June 30, 2025?
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Resolution / Starting Odds
Yes • 50%
No • 50%
Data from the U.S. Energy Information Administration or major news outlets reporting on gas price trends
Story
Trump's Treasury Nominee Bessent Backs Tougher Sanctions on Russian Oil to End Ukraine War
Jan 16, 2025, 05:11 PM
Scott Bessent, Donald Trump's nominee for U.S. Treasury Secretary, expressed his support for intensifying sanctions on Russia, particularly targeting the Russian oil industry, during a Senate hearing. Bessent criticized the Biden administration's sanctions as insufficient, stating that they were too concerned about the impact on gas prices during the election. He indicated that he would be '100% on board' for increasing sanctions on Russian oil majors to levels that could compel Russia to negotiate an end to the war in Ukraine, should President Trump direct him to do so. Bessent's stance is seen as a potential shift in U.S. policy towards more aggressive economic measures against Russia.
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