US Treasury's Warning: Russian Economy Faces Collapse

The US Treasury Secretary, Scott Bessent, has issued a stark warning regarding the future of the Russian economy, asserting that it may collapse if additional sanctions are applied to nations purchasing crude oil from Moscow.

In a notable interview with NBC News, Bessent revealed the discussions between President Donald Trump, Vice President J D Vance, and European Commission President Ursula von der Leyen, focusing on exerting further pressure on Russia. These talks have already led to the US imposing a hefty 50% tariff on India for its engagements with Russian oil, a decision described by Indian officials as 'unjustified.' The measure, effective from August 27, doubles the previous duties.

Bessent emphasized the urgency of a collaborative approach with European partners, stating, 'We are in a race now between how long the Ukrainian military can sustain itself and how long the Russian economy can hold up.' Amid continuing debates, the US administration charges that India's oil transactions with Russia finance its war efforts in Ukraine, a claim India disputes, citing national interest and market dynamics.