U.S. Treasury Cautions Against Russia Sanctions

(MENAFN) U.S. Treasury Secretary Scott Bessent has voiced concern that a newly proposed set of harsher penalties against Russia could disrupt ongoing diplomatic initiatives.

Addressing lawmakers, Bessent cautioned that enacting these measures might carry significant risks and hinder efforts to resolve the ongoing conflict.

The legislative proposal, led by Senator Lindsay Graham, includes the imposition of 500 percent tariffs on goods from nations that continue purchasing Russian oil and gas, should Russia refuse to engage in peace negotiations with Ukraine.

Graham also mentioned the possibility of modifying the legislation to exclude nations that offer military support to Ukraine from the proposed tariffs.

However, critics argue that such extreme tariffs could alienate the United States from influential economic partners across the globe. So far, 82 senators have expressed support for the bill.

During a hearing before the House Committee on Wednesday, Bessent expressed his opposition to the proposal to increase sanctions against Russia.

He encouraged lawmakers to allow the Trump administration more leeway in managing discussions with both Moscow and Kiev.

“I would encourage Congress to continue to let this administration have flexibility to support the negotiations. We should be aware of unintended consequences,” Bessent stated.

He emphasized that “economic tools remain an important facet of the administration’s strategy to end the conflict,” highlighting that all policy avenues remain under consideration.

Bessent concluded by affirming that the Treasury Department is fully prepared to implement measures that support “a durable and lasting peace.”

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