Donald Trump’s Treasury pick says US should boost sanctions on Russian oil

Financial Times ^ | 1/16/2025 | James Politi, Aime Williams and Myles McCormick

[marcusmaximus]

Scott Bessent said the US should increase sanctions on Russian oil producers to force Moscow to negotiate with Ukraine as he criticised the Biden administration for not being tougher on Vladimir Putin’s regime.

The comments on Thursday by Donald Trump’s nominee to be Treasury secretary pushed up oil prices, as traders considered the prospect of tighter global crude supply. The new administration is also expected to target Iranian and Venezuelan oil with tougher sanctions as Trump seeks to increase economic pressure on the US’s adversaries.

[woweeitsme]

He needs to be gone if this is true. Unfortunately, he’ll probably get confirmation from the Dems.

[rrrod]

The anti Trump gang will be all over this.

[McGruff]

Scott Kenneth Homer Bessent is an American investor and hedge fund manager. He was a partner at Soros Fund Management and the founder of Key Square Group, a global macro investment firm.

Trump is starting off just like last term, with backstabbers.

[cowboyusa]

Don’t worry about that.

[MayflowerMadam]

Good question. Hope it works out for us. 🫤

[mac_truck]

Frankly, the Russians are sanctions honey badgers these days and new threats from the West won’t make them scared or hesitant...especially considering Europe continues to import Russian energy. 😂