Scott Bessent Advocates for Stronger Sanctions on Major Russian Oil Companies

Thursday, 16 January 2025, 17:27

Increasing sanctions on Russia is critical, according to Treasury Secretary-nominee Scott Bessent. In a recent confirmation hearing, Bessent expressed his commitment to escalating sanctions on Russian oil companies as a strategic move to end the war in Ukraine. His statements indicate that stronger measures could be on the horizon if confirmed and if aligned with President-elect Trump's strategy.
Thehill
Scott Bessent Advocates for Stronger Sanctions on Major Russian Oil Companies

Scott Bessent's Robust Support for Sanctions

Treasury Secretary-nominee Scott Bessent told senators Thursday that he would be 100 percent on board with increasing sanctions on Russia’s major oil companies if President-elect Trump supports that strategy as a way to end the ongoing war in Ukraine. He emphasized that any officials in the Russian Federation watching this confirmation hearing should be fully aware of his stance.

Arguing for More Effective Measures

Bessent described the war in Ukraine as “one of the greatest tragedies of my adult life.” He asserted that ending the conflict is a priority, and any role the Treasury can play in that is imperative. Notably, he criticized the Biden administration, stating the previous sanctions on Russia were “not fulsome enough.” He suspects there were hesitations to raise sanctions on Russian oil due to potential impacts on domestic oil prices during the 2024 election period.

Political Reactions and Implications

Sen. Mark Warner (D-Va.) applauded Bessent's responses regarding Russian sanctions and underscored their importance in maintaining pressure on the Russian Federation. Bessent’s emphasis on increasing sanctions could drive strategic shifts in U.S. foreign policy moving forward.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.

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