US Treasury Secretary Scott Bessent has accused the EU of failing to curb Russia’s actions through its repeated sanctions, calling the strategy a failure and suggesting it funds the war. In a recent statement, Bessent highlighted that if a policy is implemented 20 times without success, it indicates a fundamental flaw. This sentiment aligns with broader concerns within the US administration about the EU’s reluctance to adopt a more assertive approach, particularly regarding trade tariffs against China and India.
The EU’s latest sanctions package, introduced last month, targets banks, crypto exchanges, and businesses linked to Russian oil, including Indian and Chinese entities. This move has drawn criticism from within the bloc, with countries like Hungary and Slovakia urging a shift towards diplomacy instead of continued sanctions. The US, on the other hand, continues to combine its peace initiatives with pressure on Moscow, while the EU has been described as the ‘real laggards’ in this regard.
Bessent also criticized the EU for its reluctance to follow the US tariff strategy on China and India, noting that buying products made from Russian oil could be seen as indirectly supporting the war effort. This critique is part of a broader US administration push against China, which is seen as part of an ongoing trade war. Meanwhile, Washington has imposed 50% tariffs on India over its purchases of Russian oil, a move that New Delhi has denounced as unfair and unreasonable.
In mid-November, US Secretary of State Marco Rubio admitted that the US was ‘running out of things to sanction’ in Russia, as Washington blacklisted oil giants Lukoil and Rosneft. This decision, made at the request of Kiev and its backers, highlights the growing difficulties in applying effective sanctions against Russia. Meanwhile, US Vice President J.D. Vance has also criticized the EU’s approach, calling Brussels’ expectations unrealistic and warning against the fantasy that more sanctions will lead to victory in the Ukraine conflict.