In a dramatic escalation of his stance on the ongoing conflict in Ukraine, President Donald Trump has threatened to impose fresh “taxes, tariffs, and sanctions” on Russia unless the Kremlin halts its aggression. However, Trump’s remarks lacked clarity on specific targets within Russia’s already embattled economy, which has been hit hard by previous rounds of punitive measures.
According to a senior official from the Trump administration, there are still avenues available to increase pressure on Moscow, even after the comprehensive sanctions enacted by President Joe Biden’s administration.
Key areas of focus include Russia’s lucrative energy sector. While Biden’s team hesitated to disrupt global energy markets by imposing aggressive restrictions on Russian oil and liquefied natural gas (LNG), they did enforce significant sanctions before leaving office. Those measures aimed at curbing Russian revenues could reportedly cost Moscow billions, penalizing entities involved in oil trade with Russia.
Despite these actions, Trump’s advisors believe there’s room to tighten the financial noose further. They argue that additional sanctions targeting Russia’s primary economic lifelines—oil and gas—could force President Vladimir Putin into meaningful negotiations. According to administration insiders, the Biden administration’s cautious stance was driven by concerns over domestic fuel prices, an approach Trump is eager to reverse.
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Scott Bessent, Trump’s nominee for Treasury Secretary, signaled his willingness to escalate pressure during a recent Senate Finance Committee hearing. “I am fully committed to raising sanctions on Russian oil majors to a level that compels the Russian Federation to the negotiating table,” Bessent stated.
One possible course of action involves stricter enforcement of existing sanctions. This could include penalizing European maritime operators transporting Russian oil and targeting buyers across Asia. Discussions on these tactics reportedly began prior to Trump’s inauguration, involving consultations with key Cabinet nominees and conservative think tanks.
When it comes to tariffs, Trump’s options may be more limited. Trade between the United States and Russia was relatively minor even before the conflict, and it has plunged further in the wake of Biden’s heavy sanctions.
Still, Trump is unlikely to act decisively before engaging directly with Putin. Consistent with his previous diplomatic style, Trump emphasized the importance of dialogue. “A call with Putin will happen very soon,” he announced this week, underscoring his belief in personal diplomacy as a path to resolution.
As global attention turns toward potential shifts in US-Russia relations, Trump’s assertive rhetoric raises fresh questions about the effectiveness and consequences of his economic pressure strategy.