During his confirmation hearing before the Senate Finance Committee, President-elect Donald Trump's pick for Treasury secretary, Scott Bessent, issued a strong warning to Moscow regarding the potential escalation of oil sanctions by the incoming Trump administration to bring an end to the Russia-Ukraine war.
Bessent made it clear that if confirmed and at the request of President Trump, he would fully support increasing sanctions as part of the strategy to resolve the conflict. He specifically mentioned targeting major Russian oil companies with tougher sanctions, with the aim of compelling the Russian Federation to come to the negotiating table.
Expressing his surprise, Bessent criticized the previous administration for waiting until the last minute to impose sanctions on Russia's energy sector. He suggested that the delay may have been influenced by concerns about impacting US energy prices during an election season.
Following Bessent's remarks, US oil prices experienced a brief surge, surpassing $80 a barrel for the first time since August. However, they later retreated below $79 on Thursday.
