The US is pressing Europe to halt all Russian oil and gas purchases and consider “secondary tariffs” on India and China, according to Axios reporting amplified by market wires, as the Trump administration weighs additional Russia sanctions following renewed strikes on Ukraine.
Treasury Secretary Scott Bessent said on Sept. 1 that “everything’s on the table” after President Vladimir Putin “in a despicable, despicable manner, increased the bombing campaign” following the recent Alaska meeting. He added the administration will be examining options “very closely this week.”
The push on Europe includes a full stop to Russian energy purchases and potential secondary tariffs that mirror US measures already levied over India’s continued buying of Russian crude.
Bessent also criticized India’s role in the oil trade, saying New Delhi has “not been great actors in terms of buying Russian oil and then reselling it, financing the Russian war effort in Ukraine,” while describing the Shanghai Cooperation Organization summit as “largely performative.” He noted India remains “the most populous democracy in the world” with “values…much closer to ours…than to Russia’s.”
The renewed sanctions drive follows Russia’s Aug. 28 mass attack that killed 25 people in Kyiv and injured 63, including 11 children.
Information for this story was found via Kyiv Independent and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
