US Treasury chief says war in Ukraine could end in 2-3 months if Europe put tariffs on Russian oil buyers

The US Treasury Secretary said that the Donald Trump administration will not impose additional tariffs on Chinese goods to stop China from buying Russian oil unless European countries apply their own high tariffs on China and India.

Bessent stressed that European countries should play a more active role in reducing Russia's oil revenues and helping to end the war in Ukraine.

“We expect the Europeans to do their share now, and we are not moving forward without the Europeans,” Bessent said.

He criticized European countries that continue to purchase Russian oil or petroleum products refined in India from Russian raw materials, arguing that they are helping to finance the conflict.

The minister also noted that the US has already imposed tariffs on Indian goods due to the purchase of Russian oil, which has led to “substantial progress” in negotiations with New Delhi.

“I guarantee you that if Europe put on substantial secondary tariffs on the buyers of Russian oil, the war would be over in 60 or 90 days,” Bessent said, explaining that this would cut off Moscow's main source of income.

He also said that the US is ready to cooperate with European countries to strengthen sanctions against Russian companies, including oil giants Rosneft and Lukoil, and to consider broader use of frozen Russian sovereign assets following Moscow's invasion of Ukraine in 2022.

Trump's statements on sanctions against Russia

On September 13, President Donald Trump said that the United States is ready to impose "major" sanctions against Russia if all NATO countries stop buying Russian oil.

He called on NATO countries to impose tariffs on China in the range of 50-100%, which could be lifted after the end of the war in Ukraine. According to him, high tariffs will help reduce China's influence on Russia.

Trump also criticizes Europe for insufficiently tough sanctions against Russia and continued purchases of Russian oil.