US Declares Strengthening Sanctions on Russia
His statement came shortly before Washington announced new punitive measures, following the sudden cancellation of a proposed meeting between President Trump and President Putin.
"We are going to announce either after the close this afternoon, or first thing tomorrow morning, a substantial pickup in Russia sanctions," Bessent informed reporters at the White House.
He was referring to the close of the US stock market at 4 pm Eastern Time (2000 GMT). Specific details regarding the sanctions were not immediately disclosed.
"President Putin has not come to the table in an honest and forthright manner, as we hoped. There were talks in Alaska, President Trump walked away when he realized that things were not moving forward," Bessent added later during an interview with FOX News.
"This will be one of the largest sanctions that we have done against the Russian Federation," he stated.
His comments were soon followed by a Treasury Department announcement imposing sanctions on Russia’s two largest oil corporations, Rosneft and Lukoil.
The declaration arrived just one day after a White House official confirmed that a second planned meeting between Trump and Russian President Vladimir Putin had been postponed.
On October 16, Trump had indicated that the meeting would occur within two weeks.
Although the reason for the sudden change was unclear at first, it came after the Kremlin rejected a US president’s call for an immediate ceasefire in Ukraine.
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