New York, Sep 8, 2025 — US Treasury Secretary Scott Bessent has warned that Russia’s economy could “collapse” if Washington and the European Union expand sanctions and tariffs on countries continuing to buy Russian crude oil.

In an interview with NBC News, Bessent said President Donald Trump and Vice President J.D. Vance held a “very productive” call with European Commission President Ursula von der Leyen, followed by his own discussions with her on Friday. According to Bessent, the talks centered on joint steps to increase economic pressure on Moscow.

US Targets India With Tariffs

The Trump administration recently imposed an additional 25% tariff on Indian purchases of Russian oil, doubling the overall duty to 50% from August 27. Trump told reporters at the Oval Office that he was “very disappointed” with India’s decision to import “so much” oil from Russia, even as he praised Prime Minister Narendra Modi personally.

“We put a very big tariff on India, 50 per cent tariff, very high tariff,” Trump said.

Several US officials, including Bessent and trade adviser Peter Navarro, argue that India’s imports are helping fund Russia’s war in Ukraine.

Pressure Campaign on Moscow

Bessent stressed that the US needs Europe to take parallel action. “We are in a race now between how long the Ukrainian military can hold up versus how long the Russian economy can hold up,” he said. “If the US and the EU do more sanctions, secondary tariffs on countries that buy Russian oil, the Russian economy will be in full collapse and that will bring President Putin to the table.”

India Pushes Back

India has strongly rejected Washington’s move, calling the tariffs “unjustified and unreasonable.” New Delhi has consistently defended its oil trade with Russia, saying energy imports are guided by national interest and market realities.

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