China risks 100% tariffs if it keeps buying Russian oil, says US Treasury chief
Photo: US Treasury Secretary Scott Bessent (Getty Images)
US Treasury Secretary Scott Bessent has warned Chinese officials of the consequences of purchasing oil from Russia, as Beijing maintains its stance on national sovereignty, according to Reuters.
The warning came during two days of talks between the US and Chinese delegations in Stockholm. Bessent said Washington also raised concerns over China's purchases of Iranian oil and the export of dual-use goods to Russia worth over $15 billion.
US ramps up pressure on Beijing
"I think anyone who buys sanctioned Russian oil should be ready for this," Bessent said at a press conference.
He added that the US Congress is preparing measures that could lead to similar tariffs being adopted by allies worldwide.
On Monday, President Donald Trump shortened the deadline for Moscow to make progress in peace talks over Ukraine. If no progress is made within 10 days, the US will impose 100% secondary tariffs on buyers of Russian oil.
China's response and energy policy stance
According to Bessent, China responded by asserting it is a sovereign state and would act according to its domestic energy policies.
"The Chinese take their sovereignty very seriously. We don't want to impede on their sovereignty, so they'd like to pay a 100% tariff," he added.
China remains the largest buyer of Russian oil, importing around 2 million barrels per day, followed by India and Türkiye.
China risks losing Europe's trust
Bessent also said he warned Chinese Vice Premier He Lifeng about the potential risk to China's trade relations with Europe, citing continued exports to Russia of goods that may have military applications.
"I pointed out to them that it is very much hurting their public perception in Europe that they are contributing to the war on the European border," he said.
India and China became the main buyers of Russian oil after Russia launched its full-scale war against Ukraine. This trade has helped Moscow sustain its war machine by financing arms production.
India has already stated it would be willing to stop buying Russian oil if Washington imposes sanctions.
