Intl desk, Jan 23: President Donald Trump’s threat to slap new “taxes, tariffs and sanctions” on Moscow until it ends its war in Ukraine came without specifics on what precisely he would target in an already heavily sanctioned Russian economy.
But speaking after the president’s message, a Trump administration official said there could be additional ways to apply pressure on Russia to end the war in Ukraine, despite the massive sanctions already in place applied by Trump’s predecessor.
In particular, current US officials believe more pressure could be applied to Russia’s energy sector, which the former Biden administration had long been wary of targeting, concerned about its effect on global markets.
As he was departing office, Biden imposed new restrictions on Russia’s oil and liquified natural gas sectors, a driver of the Russian economy. Officials said it had the potential to cost Moscow billions of dollars. The sanctions punished entities doing business with the Russians.
But some Trump officials believe the US could still go further cutting off Russia’s main source of income as Trump works to bring Putin to the negotiating table. They said the Biden administration’s focus on domestic gas prices had led to a cautious approach over the last year.
“I will be 100% on board with taking sanctions up — especially on the Russian oil majors — to levels that would bring the Russian Federation to the table,” Trump’s nominee for treasury secretary, Scott Bessent, said during his confirmation hearing before the Senate Finance Committee last week.
One option on the table, according to officials, is greater enforcement on existing sanctions, including penalizing European shippers of Russian oil, along with its buyers in Asia. Trump officials have been weighing options since before this week’s inauguration, consulting with some Cabinet appointees along with conservative think tanks.
On tariffs, Trump may have less room to maneuver. Trade between the US and Russia was relatively small even before the Ukraine war began — and dipped drastically afterward, a result of the heavy sanctions applied by the Biden administration.
Whatever route Trump chooses, he is unlikely to execute it before speaking with Putin, firm in his belief that direct communication could lead to positive results.
A call between the men will happen “very soon,” Trump said this week.
Source: CNN