Treasury Secretary Scott Bessent signaled Sunday that the U.S. is ready to deepen its sanctions strategy against Russia and called on the European Union to partner with Washington to impose new measures aimed at collapsing Moscow’s economy.
Speaking on NBC’s Meet the Press, Bessent framed the effort as a race between Ukraine’s military endurance and Russia’s financial stability. “We are prepared to increase pressure on Russia, but we need our European partners to follow us,” he said. “If the U.S. and EU can do more sanctions and impose secondary tariffs on countries that buy Russian oil, the Russian economy will be in total collapse, and that will bring President Putin to the table.”
The comments come after the Trump administration last month imposed 50% tariffs on India for continuing to purchase Russian oil. At the same time, Russia escalated its assault on Ukraine with its largest air attack of the war, killing at least four people and striking a government building in Kyiv.
Ukrainian President Volodymyr Zelenskyy echoed support for tariffs on countries that trade with Russia, telling ABC’s This Week that he believes “President Trump is right” in criticizing European nations still buying Russian energy. “Some of them continue to buy oil and gas, and this is not fair,” Zelenskyy said.
Diplomatic efforts remain fragile. Trump met with Putin in Alaska last month before hosting Zelenskyy and European leaders at the White House. Despite those talks, discussions of a ceasefire have stalled, and Russia continues its airstrikes. NBC News reported last week that Trump has grown more pessimistic about ending the conflict, though he has pressed European allies to increase pressure on China for supporting Moscow.
Bessent also defended the administration’s broader economic strategy amid concerns of a slowdown following a weaker August jobs report. He rejected talk of a “jobs recession,” pointing to GDP growth of 3.3% and record stock market highs. “If things are so bad, why is the bond market the best-performing in the developed world?” he asked.
The Treasury chief further addressed Trump’s legal fight over tariffs. The administration has appealed to the Supreme Court after an appellate court ruled Trump overstepped emergency powers by imposing sweeping duties. Bessent acknowledged that a loss could force refunds of “about half” the collected tariff revenue, calling it “terrible for the Treasury,” but insisted there are “numerous other avenues” to continue tariffs.
Despite the legal uncertainty, Bessent maintained that Trump’s tariff-driven agenda has strengthened U.S. economic performance and will continue to create “good, high-paying jobs.”
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