More Tariffs On Cards? Donald Trump's Aide Scott Bessent Calls For More Sanctions On Countries Buying Russian Oil

(MENAFN- Live Mint) US Treasury Secretary Scott Bessent has expressed that he thinks more sanctions and secondary tariffs on Russia as well as countries that buy Russian oil, which includes India, could bring about an economic 'collapse' in Moscow.

Such an action will bring Russian President Vladimir Puti to the table to talk about a peaceful solution regarding the conflict in Ukraine.

Bessent in an interview on NBC's Meet the Press on Sunday said that the US and Europe are discussing ways to increase sanctions and secondary tariffs on such countries.

“We are prepared to increase pressure on Russia, but we need our partners in Europe to follow,” Bessent said.

The Treasury Secretary did not name India in his attack when he referred to to“countries that buy Russian oil”, but the US has been targeting India in its mission to punish Russian trade partners.

“We are in a race now between how long can the Ukrainian military hold up versus how long can the Russian economy hold up? And if the US and the EU can come in with 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,” Bessent said.

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However, he stressed the need for support from EU countries, saying,“We need our European partners to follow us, because if the US and the EU do this together, we are in a race now between how long can the Ukrainian military hold up versus how long can the Russian economy hold up?”

Scott Bessent said that he was meeting with European nations' leaders on Monday to discuss more economic pressure.

Russia cripples under sanctions

Russia is already under crippling sanctions from both the US and Europe, but has found customers for Russian oil and gas in India and elsewhere.

Trump's plans for a quick negotiated end to the nearly four-year war that began when Russia invaded Ukraine have evaporated after a summit with Putin in Alaska last month. Since then, Russia has continued to bombard Ukraine, with an assault Sunday on the main Ukrainian government complex in Kyiv, an attack deemed a“serious escalation of the conflict.”

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Last week, Trump demanded more economic pressure from Europe on Putin, including a total halt to purchases of Russian oil and gas, according to Finnish President Alexander Stubb.

Is India in danger?

India has already been hit with a 50 per cent US tariffs by President Donald Trum , who has repeatedly accused New Delhi of buying Russian oil despite countries like China, who also purchase Russian energy, continue to enjoy lower tariffs. The Trump tariffs on India is among the highest in the world, alongside Brazil.

However, in the recent days, Donald Trump's accusatory tone against India seems to have softened.

Trump on September 5 said India and the US have a special relationship and there is“nothing to worry about”.

“I will always be friends with Modi, he is a great prime minister, he's great,” the US President said.

However, he explained that he just doesn't“like what he (Modi) is doing at this particular moment”, while noting that they will always be friends.

“But India and the United States have a special relationship. There is nothing to worry about,” Donald Trump said.

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Responding to his comments, Prime Minister Narendra Modi on Saturday“fully reciprocated” the“positive assessment” of the India-US relationship.

“Deeply appreciate and fully reciprocate President Trump's sentiments and positive assessment of our ties,” Modi said.

“India and the US have a very positive and forward-looking Comprehensive and Global Strategic Partnership,” he noted on X.

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