U.S. and China Clash Over Sanctioned Oil Purchases Amidst Rising Tensions
U.S. Treasury Secretary Scott Bessent urged China to halt its sanctioned Russian oil purchases or face heavy tariffs due to impending U.S. legislation. During U.S.-China trade talks, Bessent expressed concerns over China’s support for Russia through technology sales, highlighting implications for European relations and international energy strategies.
In a critical round of U.S.-China trade talks held in Stockholm, U.S. Treasury Secretary Scott Bessent warned Chinese officials of severe economic implications if Beijing continues purchasing sanctioned Russian oil. Bessent cited upcoming legislation in the U.S. Congress that could enforce tariffs up to 500% on such transactions.
Bessent highlighted the growing frustration within the U.S. government, particularly from former President Trump, who recently set a tight deadline on Moscow to improve its stance on the Ukraine conflict. Failure to comply could lead to new tariffs on Russian oil customers worldwide. Bessent's statements also underscored U.S. disapproval of China's dual-use technology sales to Russia, which have reportedly bolstered the Kremlin's military capacity.
Despite pressures, Chinese officials maintain that their country's energy procurements will adhere to national policies, emphasizing their stance on sovereignty. Bessent has warned that these actions could strain China's trade relationships with Europe, stressing the detrimental impact on global perceptions of China's involvement in the Ukraine conflict.
(With inputs from agencies.)
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