escalation of sanctions on Russia imposed due to ongoing conflict in Ukraine, as declared by Trump
In a bid to address the ongoing conflict in Ukraine, US President Donald Trump announced his readiness to escalate sanctions against Russia. This move comes as a response to Russia's continued aggression in Ukraine.
US Treasury Secretary Scott Bessent stated the urgency of coordinated action, framing it as a race between Ukraine's military resilience and Russia's economic endurance. Bessent suggested that if the US and the European Union can come in, do more sanctions, and impose secondary tariffs on countries that buy Russian oil, the Russian economy will be in total collapse.
One of the potential measures includes an extra 25% tariff on India for its Russian oil imports. This move doubles the earlier reciprocal levy and raises the total duties on New Delhi to 50%, effective August 27. Trump did not provide detailed timelines or specifics of the potential measures.
Ukrainian President Volodymyr Zelensky expressed agreement with the idea of imposing tariffs on nations continuing oil and gas purchases from Russia. Zelensky also expressed gratitude to partners but mentioned some of them are still buying oil and gas from Russia, which he considers unfair.
Zelensky indicated alignment with Trump's criticism of European countries still buying Russian energy. Meanwhile, peace talks regarding a potential end to the war have stalled, and no ceasefire has been achieved as of the latest updates.
Russian airstrikes continue across Ukraine despite recent meetings and discussions. The latest Russian air attack killed at least four people and set fire to a government building in Kyiv.
Bessent stated that the US is prepared to increase pressure on Russia and is ready to collaborate with European nations to impose additional sanctions on countries purchasing Russian oil. Bessent identified China and India as key countries in cooperation with European nations for potential additional sanctions targeting the purchase of Russian oil, aiming to pressure Russia economically.
Trump previously defended his actions on Russia, pointing to the punitive tariffs he imposed last month on Indian exports to the US. Zelensky thinks the idea of putting tariffs on the countries who continue to make deals with Russia is a right one.
Despite these developments, it remains unclear how these sanctions will impact the ongoing conflict in Ukraine or if they will bring Russian President Vladimir Putin to the table for peace talks. The goal of the proposed sanctions is to "collapse" the Russian economy, but it remains to be seen if this will be enough to deter Putin's aggression.
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