US Treasury chief warns against new Russia sanctions
A proposed package of tougher sanctions against Russia could undermine diplomatic efforts, US Treasury Secretary Scott Bessent has said, warning lawmakers of the potential risks of imposing the measures.
The bill in question, spearheaded by Senator Lindsay Graham, calls for 500% tariffs on imports from countries buying Russian oil and gas if Moscow refuses peace talks with Ukraine. Graham also suggested amending the bill to exempt countries that provide military assistance to Ukraine. Critics claim the tariffs risk isolating the US from key global economies. The bill has thus far drawn the support of 82 senators.
Bessent, speaking at a House Committee hearing on Wednesday, said he did not support the proposed bill to tighten sanctions on Russia, urging lawmakers to give the administration of President Donald Trump greater flexibility to negotiate with Moscow and Kiev.
'I would encourage Congress to continue to let this administration have flexibility to support the negotiations. We should be aware of unintended consequences,' Bessent said.
Bessent said 'economic tools remain an important facet of the administration's strategy to end the conflict. All the options are on the table. Treasury is ready to take action to facilitate a durable and lasting peace.'
Russia and Ukraine have both put forward proposals to end the conflict. Moscow's plan would require Kiev to accept the loss of five regions which joined Russia in referendums, pull back its troops from those regions, and adhere to neutrality.
Ukraine's Vladimir Zelensky dismissed the proposal as an ultimatum and ruled out territorial concessions or neutrality, while insisting on a full 30-day ceasefire as a precursor to negotiations.
Under former President Joe Biden, Washington cut most ties with Moscow in 2022 over the Ukraine conflict and imposed sweeping sanctions on Russian officials and companies. Trump has since criticized Biden for eschewing diplomacy and vowed to negotiate a peace deal between Russia and Ukraine. Moscow has welcomed Trump's shift in tone but progress on reaching a settlement has been slow. Trump has threatened further measures if no ceasefire is reached but has stopped short of endorsing the Senate sanctions bill.
The US president has also reportedly asked Senate Republicans to delay action on the bill. Senator Roger Wicker, the top Republican on the Senate Armed Services Committee, said Trump had indicated he was not yet ready to support it.
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