Trump Treasury candidate issues threat to implement tougher Russia sanctions

(MENAFN) Scott Bessent, nominated by US President-elect Donald Trump for Treasury Secretary, has vowed to impose harsher sanctions on Russia as a key tool to help end the war in Ukraine. During his Senate confirmation hearing, Bessent criticized President Joe Biden's sanctions policy, arguing that previous measures were insufficient and timed to avoid political fallout from rising US energy prices. He emphasized his full support for tougher sanctions on Russia, particularly targeting major oil companies, if confirmed.

Bessent highlighted that Trump had tasked him with creating stricter sanctions to bring Russia to the negotiating table, particularly in the context of the ongoing Ukraine conflict. This came after the Biden administration's latest sanctions targeted major Russian oil producers and ships involved in oil transport, leading to concerns about disruptions in global oil supplies and rising prices.

The Kremlin has condemned the sanctions as illegal and disruptive to global markets. As Trump’s team prepares to take office, speculation exists that the new administration may adopt a dual approach to sanctions, potentially easing them to encourage peace talks or ramping them up to strengthen US leverage in negotiations.

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