Shippingtelegraph: Russia could face fresh sanctions if Putin meeting does not ‘go well’, US says

by Shipping Telegraph

Sanctions on Russia could either be tightened or loosened, depending on how president Donald Trump’s meeting with Russian president Vladimir Putin on Friday goes, US Treasury Secretary Scott Bessent said on “Bloomberg Surveillance.”

Speaking in an interview with Bloomberg, Bessent said Russia could be subject to further sanctions or secondary tariffs if Friday’s meeting in Alaska between Donald Trump and Vladimir Putin does not “go well”.

“If things don’t go well, then sanctions or secondary tariffs could go up,” Bessent noted on Wednesday.

The US recently imposed an extra 25% tariff on India’s imports to the US, bringing the total rate to 50%.

The president initially imposed a 25% tariff, but announced an additional 25% – effective on August 27 – as a penalty for New Delhi’s purchase of Russian oil. Those combined penalties would bring the total tariff on imports from India to a whopping 50%, among the highest the US charges.

The latest executive order finds India is “directly or indirectly importing Russian Federation oil,” and says it is necessary to apply the additional 25% tariff on Indian goods.

Bessent indicated on Wednesday similar actions could be taken if no progress is made at the Alaska meeting.

“The president would make it clear to President Putin that all options are on the table. Sanctions can go up, sanctions can be loosened, they can have a definitive life, they can go on indefinitely. There is a Russian shadow fleet that we can crackdown.”

Trump has previously threatened Russia with US sanctions if Russia did not agree to a ceasefire agreement for the war in Ukraine.

The US Treasury Secretary also emphasized that the European leaders must join forces with the United States on any further sanctions and help increase the pressure on Russia. “The Europeans need to join us in these sanctions. They need to be willing to impose secondary sanctions.”

“It is put-up or shut-up time,” Bessent added on “Bloomberg Surveillance.”