Treasury Secretary Bessent says U.S. ready to “collapse” Russian economy 

“We are prepared to increase pressure on Russia, but we need our European partners to follow us,” Bessent told NBC News’ Meet the Press.

Bessent emphasized the urgency of the moment, saying, “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 U.S. and the [European Union] can come in, do more sanctions, secondary tariffs on the countries that buy Russian oil, the Russian economy will be in total collapse, and that will bring [Russian President Vladimir] Putin to the table.”

The comments come shortly after the Trump administration imposed 50% tariffs on India, one of the highest tariffs ever imposed by the U.S., in response to India’s continued purchases of Russian oil amid the war in Ukraine.

• Bessent’s remarks were made just hours after Russia launched its largest air attack of the war, killing at least four people and setting fire to a government building in Kyiv.