US sanctions on Russia will depend on Ukraine peace talks Treasury chief says

US Treasury Secretary Scott Bessent said that any decision to impose new American sanctions on Russia would depend on the progress of negotiations aimed at ending the war in Ukraine.

Speaking during a Senate banking committee hearing, Bessent said Washington would assess the situation as talks continue, particularly when asked about the possibility of stepping up pressure on Russia’s tanker fleet.

“I will take it under consideration. We will see where the peace talks go,” he said.

Bessent stressed that sanctions already introduced by the administration of US President Donald Trump against Russia’s major oil companies Rosneft and Lukoil have been effective, adding that the measures helped push Moscow toward negotiations.

He also confirmed that he took part in a meeting with Russian representatives on January 31 in Miami. The discussions were attended by US Special Envoy Steve Witkoff as well as Trump’s son-in-law, Jared Kushner.

When questioned about Kushner’s involvement in the talks with Russia, Bessent said Kushner served as a special envoy and mediator.

However, Democratic Senator Andy Kim pointed out that the participation of Trump’s family members, who do not hold official government positions, could raise concerns about potential conflicts of interest.

Earlier, on October 22, the US Department of the Treasury added Rosneft and Lukoil to a new round of sanctions targeting Russia. At the same time, it issued several general licenses allowing certain transactions with the two companies and their subsidiaries to facilitate the winding down of business activities until November 21.

The Treasury later extended the licenses covering specific transactions involving Lukoil’s overseas assets through December 13.

By Tamilla Hasanova