Treasury Secretary Set to Reveal Significant New US Sanctions on Russia

US Treasury Secretary Scott Bessent announced a new package of significant sanctions against Russia. This decision follows President Vladimir Putin’s ongoing refusal to cease hostilities in Ukraine, which Bessent described as a “senseless war.”

Details of the Sanctions Announcement

In a statement, Bessent emphasized the urgent need for a ceasefire, stating, “Now is the time to stop the killing.” He indicated that the Treasury would take further actions as necessary to assist President Trump’s efforts to end the conflict.

President Trump’s Comments

During a press briefing with Dutch Prime Minister Mark Rutte, President Trump praised the sanctions as a “tremendous” move to encourage Russia to halt its military actions. This announcement comes just a week after similar sanctions were imposed by the UK on Russian oil companies.

Impact of Recent Sanctions

Rosneft and Lukoil, the two targeted Russian firms, export approximately 3.1 million barrels of oil daily. Rosneft alone accounts for nearly half of Russia’s oil production, contributing to about 6% of the global output, according to UK government estimates.

Ongoing Pressure on Russia

Earlier, Bessent expressed disappointment over the lack of progress in negotiations, accusing Putin of dishonesty. He claimed, “President Putin has not come to the table in an honest and forthright manner, as we’d hoped.”

Legislative Measures

In addition to the new sanctions, US lawmakers, including some Republicans, await further directives from the White House. They plan to vote on a bill imposing stringent sanctions on Russia and targeting nations that import oil from it.

Broader Diplomatic Efforts

At the White House, Prime Minister Rutte discussed a comprehensive 12-point plan with allies. This plan includes freezing current front lines, arranging the return of deported children, and initiating prisoner exchanges. It also proposes a recovery fund for Ukraine and outlines pathways for Ukraine’s EU membership.

Military and Economic Strategies

• Increased military aid to Ukraine.
• Stronger economic pressure on Moscow.

Earlier this week, Trump expressed his reluctance to meet with Putin in Budapest, indicating that a primary sticking point remains Russia’s refusal to end military operations along the front line.