US Treasury Secretary Scott Bessent has called on the European Union to join America in adding pressure on Russia, and indicating possibility of more tariffs on countries buying Russian crude oil. The Donald Trump administration has already imposed 25% additional tariffs on India for its oil trade with Russia, accusing it of indirectly financing the Russia-Ukraine war.The total tariffs on India now stand at 50% – marking one of the steepest duty rates imposed on any nation globally, due to India’s ongoing Russian oil imports during the Ukraine conflict.

Russia crude oil trade: More tariffs, sanctions?

According to an NBC News report, Bessent indicated on Sunday that the United States is willing to collaborate with European nations on implementing additional sanctions targeting countries purchasing Russian oil, aiming to destabilise the Russian economy.“We are prepared to increase pressure on Russia, but we need our European partners to follow us,” Bessent told NBC News.Also Read | Trump tariffs on India’s software exports? Why IT sector is worried – double taxation, visa tightening may deal a blow“We are in a race now between how long can the Ukrainian military hold up, versus how long can the Russian economy hold up?” Bessent added. “And if the US and the [European Union] can come in, do more sanctions, secondary tariffs on the countries that buy Russian oil, the Russian economy will be in total collapse, and that will bring [Russian] President [Vladimir] Putin to the table.”Bessent made these observations shortly after Russia conducted its most extensive aerial assault since the war began.These statements followed US President Donald Trump’s recent meeting with Putin in Alaska. Subsequently, the US president welcomed Ukrainian President Volodymyr Zelenskyy and European officials at the White House to explore possible resolutions to end the conflict.Since that time, discussions regarding a ceasefire or conclusion to the conflict have come to a halt.Bessent additionally addressed the Trump administration’s Supreme Court petition to reverse a circuit court ruling that opposed the president’s extensive tariff measures.“I am confident that we will win at the Supreme Court,” the treasury secretary was quoted as saying.Also Read | The 50% misfire: How Trump made Russian oil cheaper for India – And Putin a winner