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US Treasury Secretary Scott Bessent sharpened Washington’s tone on Russia sanctions, telling Fox Business that European governments need to “put up or shut up” by aligning with the United States on tougher measures against Moscow. He said the bloc’s credibility is undermined because European refiners are buying Russian crude that is processed in India before being shipped to the continent. Bessent revealed that Europe’s purchases of India-refined Russian oil continue to channel revenue to the Kremlin despite Western embargoes. He urged the EU to back US-led secondary sanctions, warning that the current patchwork approach weakens pressure on President Vladimir Putin. Turning to New Delhi, the Treasury chief said India—already hit with two successive 25% levies that together raise its US tariff rate to 50%—could face steeper duties if this week’s Trump–Putin summit in Anchorage does not yield progress toward a Ukraine cease-fire. “If things don’t go well, secondary tariffs could go up,” he said. Bessent described the 15 August Alaska meeting as a “precursor” to a second round of negotiations between the US and Russia but acknowledged he did not know whether Putin would agree to halt hostilities. The remarks escalate diplomatic and economic pressure on both European capitals and India ahead of the high-stakes talks.
Trump’s Tariffs Stymie India’s Bid to Steal Manufacturing From China—When companies realized they needed to diversify away from China, India was the natural choice. Now, U.S. tariffs threaten that. @JonathanEmont https://t.co/dfHxbiaDme https://t.co/dfHxbiaDme
More to come. US warns India could face higher tariffs if Trump-Putin talks fail | The Independent https://t.co/86FPuxPIsE
Bessent: Time for Europe to put up or shut up. They lecture the U.S., but Trump already hit India with secondary tariffs over Russian oil. Europe hasn’t—and even buys India’s refined products. Coordinate with us to give Trump maximum leverage; he’s going in strong. 1/ https://t.co/tf9mNR4PLz