US Treasury Secy warns of secondary tariffs on countries buying Russian oil to force Putin into Ukraine peace deal

United States (US) Treasury Secretary Scott Bessent has warned that Washington was ready to impose secondary tariffs on countries buying Russian Federation oil, in a bid to pressure Russian President Vladimir Putin into negotiating a peace deal over Ukraine.

Although Bessent didn’t specifically name India, one of the largest importers of the Russian Federation oil, he said the move would trigger an economic collapse needed to bring Putin to the negotiating table.

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He further stated the conflict in Ukraine has now come down to how long Ukrainian military and Russian economy can hold up.

“We are in a race now between how long can the Ukrainian military hold up versus how long can the Russian economy hold up? And if the US and the EU can come in with more sanctions, more secondary tariffs on the countries that buy Russian oil, the Russian economy will be in full collapse and that will bring President Putin to the table,” he said during an interview with NBC.

Bessent stated that the US is ready to increase pressure on Russia but needs European support.

“We (the US) are prepared to increase pressure on Russia, but we need our partners in Europe to follow,” Bessent added.

US President Donald Trump has already imposed 50 per cent tariffs on India that also include 25 per cent penalty for purchasing Russian oil.

The secondary tariff threat came despite signs of a thaw between India and US ties, which were under a strain lately, mostly due to the imposition of steep tariffs.

US President Donald Trump Friday hailed the special India-US relationship and praised his friend Prime Minister Narendra Modi.

PM Modi reciprocated Trump’s sentiments and positive assessment of the India-US relationship, saying the two countries have a “very positive and forward-looking Comprehensive and Global Strategic Partnership.”