Treasury secretary says U.S. and EU must partner to 'collapse' Russian economy

Treasury Secretary Scott Bessent signaled that the U.S. is open to partnering with European countries to impose more sanctions on countries that buy Russian oil.

Treasury Secretary Scott Bessent signaled Sunday that the U.S. is open to partnering with European countries to impose more sanctions on countries that buy Russian oil in an attempt to “collapse” the Russian economy and brushed aside concerns that the U.S. was entering a recession.

“We are prepared to increase pressure on Russia, but we need our European partners to follow us,” Bessent said on NBC News’ “Meet the Press.”

“We are in a race now between how long can the Ukrainian military hold up versus how long can the Russian economy hold up,” Bessent added. “And if the U.S. and the [European Union] can come in, do more sanctions, secondary tariffs on the countries that buy Russian oil, the Russian economy will be in total collapse, and that will bring [Russian] President [Vladimir] Putin to the table.”

Last month, the Trump administration imposed 50% tariffs on India, some of the highest tariffs the U.S. has imposed on any nation, citing its continued purchases of Russian oil amid the war in Ukraine.

Russia launched its largest air attack of the war overnight, killing at least four people and setting fire to a government building in Kyiv.