During his confirmation hearing, President-elect Donald Trump’s nominee for the Treasury Department expressed support for increasing sanctions against Russia to help resolve the conflict in Ukraine. Scott Bessent assured the Senate Finance Committee that he would fully support escalating sanctions if confirmed and if requested by President Trump as part of a strategy in the Ukraine war.
Senator Mark Warner of Virginia criticized the Biden administration for what he perceived as a delay in imposing additional sanctions on Russia. He expressed hope that Trump could intervene and impose stricter sanctions to address the situation.
Subsequently, the Biden administration announced new sanctions against Russia, targeting two major Russian oil producers, over 180 vessels, and numerous oil traders, service providers, insurance companies, and energy officials. Treasury Secretary Janet Yellen emphasized that these measures were aimed at disrupting Russia’s primary revenue source for funding its actions in Ukraine.
Yellen stated, “The United States is taking sweeping action against Russia’s key source of revenue for funding its brutal and illegal war against Ukraine. This action builds on our ongoing efforts to disrupt the Kremlin’s energy revenues. With these new sanctions, we are increasing the risk associated with Russia’s oil trade, including shipping and financial activities supporting its oil exports.”
