Trump prepares to impose additional penalties on Russia

The U.S. Treasury Secretary, Scott Bessent, has called for the European Union's support in imposing sanctions on Russia as a means to pressure President Vladimir Putin and facilitate a peaceful resolution in the Ukraine conflict.

This push for sanctions comes as U.S. President Donald Trump has publicly criticised European NATO countries for continuing their oil business with Russia, with Hungary being specifically mentioned as a major buyer of Russian oil. Trump claims that these deals finance Russia's war against Ukraine.

Bessent expressed his readiness to increase pressure on Russia, but emphasised the need for support from European partners. He has been seeking the EU's backing regarding these sanctions, a meeting to discuss economic pressure on Russia is scheduled for Monday at the U.S. Treasury Department.

Attending the meeting will be several European officials led by EU sanctions coordinator David O'Sullivan. The U.S. has already imposed additional tariffs of 25 percent on Indian products due to its oil dealings with Russia, and Trump has threatened to impose tariffs on Russia's trading partners at a rate of about 100 percent.

Despite the EU's import bans on Russian energy carriers following Moscow's attack on Ukraine in 2022, the Russian Druzhba oil pipeline continues to transport oil towards Hungary and Slovakia. The EU's oil deals with Russia have significantly decreased in recent years but have not been completely halted.

Trump has hinted at additional plans beyond tariffs against India due to its business dealings with Russia, but has not specified when or what these new sanctions would target. Some experts, such as Bessent, have suggested that imposing further sanctions and tariffs on countries purchasing Russian oil could cause the Russian economy to collapse.

Trump is also said to have urged European countries to end these oil deals and put pressure on China. However, Trump's diplomatic efforts on the Ukraine conflict have been unsuccessful so far.

It remains to be seen how the EU will respond to the U.S.'s call for sanctions and whether these measures will have a significant impact on Russia's economy and its actions in Ukraine.