US treasury secretary vows to go “all in” on sanctions against Russia

The United States is ready to go "all in" on sanctions against Russia, US Treasury Secretary Scott Bessent declared, signaling the administration's readiness to impose even harsher measures to pressure Moscow into peace negotiations.

Speaking at the Economic Club of New York, Bessent addressed the ongoing situation in Ukraine, emphasizing that the Biden administration is prepared to enact stronger sanctions in response to Russia's continued aggression, Caliber.Az reports via Ukrainian media.

His comments followed a Reuters report revealing that the White House is considering a plan to ease sanctions against Russia as part of a broader deal aimed at ending the war in Ukraine.

Bessent was critical of former US President Joe Biden's sanctions approach, describing them as "egregiously weak," particularly when it came to Russian energy. He argued that the weakness in these sanctions allowed Russia's military operations to continue, largely because of concerns about rising energy prices in the US.

"A major factor that has enabled the Russian war machine's continued financing was the Biden administration's egregiously weak sanctions on Russian energy, stemming from worries about upward pressure on US energy prices," Bessent stated.

Despite Biden's sanctions on Russia’s oil sector toward the end of his presidency, Bessent suggested that these actions came too late. He indicated that the current administration's stance would be different, reiterating that the enhanced sanctions imposed by President Biden would remain in place.

"This administration has kept the enhanced sanctions in place and will not hesitate to go 'all in' should it provide leverage in peace negotiations," Bessent asserted.

His remarks also served to draw a contrast with the Trump administration's approach. Bessent alluded to criticism of Trump’s policy shift on Ukraine, which had been seen as more lenient toward Russia. In response to this criticism, Bessent portrayed the Biden administration as having a harder stance on Russia while reinforcing Trump's willingness to take stronger measures.

"Sanctions on Moscow will be used explicitly and aggressively for immediate maximum impact," Bessent said.

Furthermore, Bessent outlined plans to intensify sanctions against Iran, which has supplied Russia with Shahed drones and short-range ballistic missiles used in attacks on Ukrainian cities. He announced that the US would target Iran's oil sector and its drone manufacturing capabilities.

"We are going to shutdown Iran's oil sector and drone manufacturing capabilities," Bessent confirmed.

Amid the increased rhetoric around sanctions, President Donald Trump’s administration had previously threatened sanctions on Russia to influence negotiations. Trump had been known to demand Russia’s cooperation in exchange for lifting sanctions, saying, "we can do it the easy way or the hard way." However, in a surprising turn, Trump later withdrew support from Ukraine and publicly criticized President Volodymyr Zelenskyy for being "not ready for peace."

On the same day, Ukrainian President Zelenskyy announced that US and Ukrainian delegations had resumed cooperation and were scheduled to hold talks next week, signaling that diplomatic efforts continue despite the complex geopolitical landscape.

By Vafa Guliyeva