US Treasury Secretary Scott Bessent has said that only a complete collapse of Russia’s economy, triggered by tougher sanctions and secondary tariffs on countries buying its oil, could force President Vladimir Putin to the negotiating table for peace talks with Ukraine.
Speaking to NBC on Sunday, Bessent argued that sanctions remain the most effective tool to counter Moscow. “We are in a race now between how long the Ukrainian military can hold out versus how long the Russian economy can survive. If the US and the EU impose more sanctions, more secondary tariffs on the countries that buy Russian oil, the Russian economy will be in full collapse, and that will bring President Putin to the table,” he said.
Although Bessent did not single out any nation, India remains a key focus, as one of the biggest importers of Russian crude. Despite a recent public display of warmth between President Donald Trump and Prime Minister Narendra Modi, Washington has continued to target New Delhi with heavy tariffs over its energy ties with Moscow.
Bessent stressed that Washington is prepared to increase pressure but needs European cooperation. “We are ready to raise the stakes, but our partners in Europe must follow,” he said.
India in the crosshairs
India has defended its oil purchases from Russia, insisting the decisions serve its sovereign national interests. New Delhi has also questioned the rationale behind the 25 per cent “penal” tariff linked to its Russian oil imports, which has pushed overall US duties on many Indian products to 50 per cent.
Several US officials, including Vice President JD Vance, have described these tariffs as “leverage” against Moscow. Some have even accused India of “fueling Russia’s war machine,” with the Ukraine conflict at times being labelled “Modi’s war” in Washington circles.
Escalation on the ground
The debate over sanctions comes as the nearly four-year-long war in Ukraine reached a dangerous new phase. On Sunday, Russia bombed the main Ukrainian government complex in Kyiv, an attack condemned by Ukraine and its European allies as a “serious escalation of the conflict.”
Trump’s own bid to broker peace has so far faltered. His recent summit with Putin in Alaska failed to deliver any breakthrough, and hopes for a negotiated end remain dim.
Legal challenge to tariffs
Bessent also addressed criticism at home. US import tariffs linked to Russian oil have been ruled illegal by a circuit court, pending appeal. But the Treasury Secretary struck a defiant tone: “I am confident that we will win at the Supreme Court,” he told NBC.
