Scott Bessent, nominated by President-elect Donald Trump to be Secretary of the Treasury, pledged his full support for tougher sanctions against Russia during his Senate Finance Committee confirmation hearing.
This was reported by CNBC on January 16.
“If officials in the Russian Federation are watching this hearing, they should know that if I’m confirmed, and if President Trump requests it as part of his strategy to resolve the Ukraine conflict, I will fully support increasing sanctions, especially on Russia’s major oil companies, to levels that compel Russia to negotiate,” Bessent stated.
Bloomberg described Bessent's statement as one of the most forceful positions from Trump’s incoming Cabinet regarding sanctions on Moscow.
Bessent also criticized the outgoing Biden administration, claiming that its sanctions in response to Russia’s invasion of Ukraine were “insufficiently comprehensive.”
According to Bloomberg, Trump’s team is considering two potential strategies for targeting Russia’s oil and gas sector. One option involves easing certain restrictions on Russian oil producers if a peace agreement seems likely. The alternative approach would intensify sanctions to apply maximum pressure on Moscow.
In the first scenario, the administration might tighten secondary sanctions on European transporters and Asian buyers of Russian oil, including China and India, to further restrict trade.
Previously, two advisors to President-elect Trump acknowledged that resolving the conflict in Ukraine could take several months or longer.
