U.S. Treasury Secretary Scott Bessent announced on Monday, September 15, 2025, that the Trump administration is holding back on new tariffs against Chinese goods linked to Russian oil purchases. The condition? European nations must first impose significant duties on China and India for their continued acquisition of Russian oil.
In a joint interview with Reuters and Bloomberg, Bessent emphasized that European countries must take a more assertive stance in disrupting Russia’s oil revenues to help bring an end to the ongoing conflict in Ukraine.
“We expect the Europeans to do their share now, and we are not moving forward without the Europeans,” Bessent stated. This comment came in response to questions about potential Russian oil-related tariffs on Chinese products, especially after President Donald Trump recently imposed an additional 25% duty on Indian imports.
During discussions with Chinese officials in Madrid, which covered topics like trade and TikTok, Bessent highlighted the US’s prior imposition of tariffs on Indian goods. He noted that President Trump has been actively pressing European nations to levy tariffs of 50% to 100% on both China and India, aiming to sever Russia’s oil revenue stream.
The Chinese officials’ response, according to Bessent, was that their oil purchases are considered a “sovereign matter” and therefore not subject to external dictates.
Bessent also criticized certain European countries for their continued purchases of Russian oil, and for buying refined petroleum products from India that originated from discounted Russian crude. He argued that these actions inadvertently contribute to funding a conflict unfolding on their continent.
“I guarantee you that if Europe put on substantial secondary tariffs on the buyers of Russian oil, the war would be over in 60 or 90 days because it would cut off Moscow’s main revenue source,” Bessent asserted, underlining the potential impact of such measures.
The Treasury chief indicated that the tariffs imposed on Indian goods due to Russian oil acquisitions have led to “substantial progress” in ongoing discussions with India. Another round of talks between New Delhi and Washington is scheduled for Tuesday, September 16, 2025, reflecting a recent easing of tensions between President Trump and Prime Minister Narendra Modi.
EDITORIAL | Doublespeak: On the Trump administration’s actions and India
Bessent also stated that the U.S. is prepared to collaborate with European nations to explore more stringent sanctions against Russian entities, including major oil companies like Rosneft and Lukoil. This includes strategizing for broader utilization of Russian sovereign assets, which have been frozen since Russia’s 2022 invasion of Ukraine.
He suggested that these actions could begin with the seizure of small portions of the $300 billion in frozen assets, or by channeling them into a special purpose vehicle to act as collateral for loans to Ukraine.