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The United States and European Union countries are considering imposing a new round of economic sanctions and secondary tariffs on Russia in an effort to push Vladimir Putin toward peace talks with Ukraine, US Treasury Secretary Scott Bessent confirmed in an interview with NBC.
"We are ready to increase pressure on Russia, but we need our European partners to follow suit," Bessent said, noting that US President Donald Trump and Vice President JD Vance spoke on Friday with European Commission President Ursula von der Leyen, who then held discussions with Bessent herself about sanctions.
"We are in a race against time: how long can the Ukrainian army resist and how long can the Russian economy withstand the pressure? If the US and the EU impose new sanctions and tariffs on countries that buy Russian oil, then Russia's economy will collapse and Putin will be forced to sit at the negotiating table," he said.
Despite the numerous sanctions imposed on it so far by the West, Russia has managed to find new markets for the export of oil and natural gas, mainly in India and other countries.
Meanwhile, Trump's efforts for a quick diplomatic resolution to the nearly four-year-old war have failed, especially after his meeting with Putin in Alaska last month. Since then, Russia has intensified its attacks, including Sunday's latest strike on a government complex in Kiev, a move that was described as a "serious escalation of the conflict."
Following this development, Ukraine and its allies have stepped up diplomatic contacts for new security guarantees. Ukrainian President Volodymyr Zelensky met in Washington with Donald Trump, European leaders and NATO Secretary General Mark Rutte.
While Trump has not eased sanctions imposed earlier by former President Joe Biden, he has significantly reduced the level of direct aid to Kiev. Last week, Trump urged Europe to increase economic pressure on Putin, including a complete ban on oil and gas imports from Russia, according to Finnish President Alexander Stubb. The US president has also urged the EU to pressure China in this regard.
Currently, two EU countries, Hungary and Slovakia, continue to buy Russian oil, Zelensky said. The allies have agreed to hold a special meeting to discuss the cessation of all energy trade channels with Russia.
According to Bessent, on Monday he will meet with European officials in Washington to advance discussions on the new sanctions package.
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