Trump’s Treasury Pick Vows Full Support for Tougher Sanctions on Russia

Scott Bessent, nominated by President-elect Donald Trump to serve as Secretary of the Treasury, has vowed to support strict sanctions against Russia, particularly targeting its major oil companies during his confirmation hearing before the Senate Finance Committee, CNBC reported on January 16.

“If any officials in the Russian Federation are watching this confirmation hearing, they should know that if I’m confirmed, and if President Trump requests as part of his strategy to end the Ukraine war, that I will be 100% on board from taking sanctions up, especially on the Russian oil majors to levels that would bring the Russian Federation to the table,” Bessent stated.

Bloomberg described Bessent’s remarks as among the strongest statements from Trump’s incoming Cabinet regarding sanctions on Moscow.

Bessent also criticized the outgoing Biden administration, arguing that sanctions imposed following Russia’s invasion of Ukraine were “not comprehensive enough.”

According to Bloomberg, Trump’s team is weighing two potential strategies for sanctions on Russia’s oil and gas sector. The first involves easing certain restrictions on Russian oil producers if a peace deal appears imminent. The second approach would escalate sanctions to maximize pressure on Moscow.

Under the first scenario, Trump’s administration may strengthen secondary sanctions against European transporters and Asian buyers of Russian oil, including China and India, to limit trade further.

Earlier, two advisors to President-elect Donald Trump acknowledged that resolving the war in Ukraine could take months or even longer.