Trump’s Treasury Nominee Pledges Tougher Sanctions on Russia

By Staff, Agencies

Scott Bessent, the nominee for treasury secretary under US President-elect Donald Trump, has committed to imposing harsher sanctions on Russia, calling them a vital tool for resolving the Ukraine conflict.

Speaking at his Senate confirmation hearing on Thursday, Bessent criticized the Biden administration's sanctions policy, labeling its measures against Moscow as insufficient. He claimed that Biden officials delayed tightening sanctions on Russia's oil sector until the administration's final weeks due to concerns about potential spikes in US energy prices.

Bessent emphasized his readiness to support tougher sanctions if confirmed, stating that Trump had tasked him with developing such measures to address the Ukraine crisis. "If officials in the Russian Federation are watching, they should know that if I’m confirmed, and President Trump directs it, I will fully back sanctions, particularly on Russian oil majors, to levels that compel negotiations," he said.

Earlier this month, the Biden administration introduced its most comprehensive sanctions yet on Russia’s energy sector, targeting key oil producers such as Gazprom Neft and Surgutneftegas and 183 oil transport vessels. These measures caused oil prices to rise due to concerns over potential supply chain disruptions.

Russia has consistently condemned Western sanctions related to the Ukraine conflict as "illegal," with Kremlin spokesperson Dmitry Peskov warning that targeting the Russian oil industry destabilizes global markets.

As the Trump administration prepares to take office, reports suggest it is devising a sanctions strategy with two possible directions: easing restrictions to promote peace talks or intensifying them to strengthen US leverage in negotiations.