US will intensify sanctions on Russia, Iran: Treasury secy Scott Bessent

The US will not hesitate to go “all in” on sanctions on Russian energy if it helps lead to a cease-fire in the Ukraine war, Treasury Secretary Scott Bessent said Thursday. 

Sanctions on Russia “will be used explicitly and aggressively for immediate maximum impact” at President Donald Trump’s guidance, Bessent told an audience at the Economic Club on New York.

 

Bessent also said the US would ramp up sanctions on Iran, adding that the US will “shutdown” the country’s oil sector using “pre-determined benchmarks and timelines.”

 

“Making Iran broke again will mark the beginning of our updated sanctions policy,” he said.