Official announcements from the U.S. Treasury Department or major news outlets reporting on new sanctions

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.