WASHINGTON — Treasury Secretary Scott Bessent announced Wednesday that the US would roll out some of its heaviest sanctions against Russia — after plans for a summit between President Trump and Russian President Vladimir Putin foundered earlier this week.
“I believe that the president is disappointed,” Bessent said of Trump’s reaction to the scrapped talks, which had been scheduled to take place in Budapest, Hungary.
“President Putin has not come to the table in an honest and forthright manner,” added the Treasury secretary. “Either this evening or first thing tomorrow morning we’re going to be announcing a substantial increase in Russia’s sanctions.”
The Cabinet official referred to the action as “one of the largest sanctions we have done against the Russian Federation,” while noting there would not be secondary tariffs slapped on nations still buying up Russian oil.
“These are going to be substantial and powerful,” Bessent went on, noting that European nations and others still purchasing energy from Moscow should join the US in the economic penalties and saying that he had “encouraged” leaders of G7 nations to levy similar punishment.
