US Treasury Secretary Scott Bessent stated on Sunday (Sept 7) that additional economic pressure from the United States and Europe could push Russian President Vladimir Putin toward peace negotiations with Ukraine. Speaking on NBC’s Meet the Press, Bessent argued that stepped-up sanctions and secondary tariffs on nations that continue to purchase Russian oil would have devastating consequences for Moscow’s economy. “If the US and EU can act together, Russia’s financial system will face complete collapse, and that will compel President Putin to the negotiating table,” he said.

Bessent emphasized that the Trump administration is ready to intensify economic pressure but stressed the need for coordination with European allies. “We need our European partners on board. If both sides move together, the conflict becomes a test of endurance: how long Ukraine’s military can hold out compared to how long Russia’s economy can withstand the strain,” he explained.

President Donald Trump has grown increasingly frustrated over the lack of progress in ending the conflict. He had initially predicted a swift resolution after assuming office in January, but the war continues to drag on. Despite his early confidence, Trump has so far refrained from imposing fresh sanctions on Russia or China, one of Russia’s largest buyers of crude oil.

Instead, the administration has opted to target other trade partners. Recently, Trump escalated tariffs on imports from India, another significant consumer of Russian energy. The move reflects Washington’s effort to widen pressure on countries that continue to provide Moscow with crucial oil revenue, even as it tries to rally European cooperation for broader sanctions. According to Bessent, the combined economic weight of the US and Europe remains the key factor in determining whether Putin will be forced into negotiations, or whether the conflict will continue to grind on.

Disclaimer: This image is taken from Reuters.