**US Urges European Allies to Join Tariffs on Russian Oil**
The United States is hoping that its European allies will join them in imposing secondary tariffs on Russia, a move aimed at pressuring Moscow to end the war in Ukraine. US Treasury Secretary Scott Bessent made this appeal in an interview with CNBC.
Bessent warned that Russian oil would be subject to up to 100% tariffs if implemented, and urged European countries to follow suit if they want to impose these secondary tariffs. This comes after a warning from President Donald Trump last week that the US will impose “severe” tariffs on Russia unless it agrees to end the war in Ukraine within 50 days.
**What are Secondary Tariffs?**
Secondary tariffs are penalties imposed on countries or companies that continue doing business with a sanctioned nation by charging extra for access to the US market or financial system. In this case, if a third country like China continues buying Russian oil, exports to the US could face a further 100% tariff, making it more expensive for American consumers and squeezing Chinese exporters.
**US Strategy to Pressure Russia**
The US strategy is designed to pressure Moscow by curbing its oil income, which accounts for roughly one-third of federal revenue. This move aims to reduce Russia’s ability to fund its war effort in Ukraine. Kremlin spokesperson Dmitry Peskov responded to Trump’s threat by calling it “serious,” but said Moscow needs time to analyze Washington’s message.
**A Message to European Allies**
Bessent’s appeal to European allies is significant, as the US hopes that other countries will join them in imposing these tariffs on Russian oil. This move could put pressure on Russia and make it more difficult for them to continue their war effort in Ukraine. However, it remains to be seen whether European countries will follow suit.
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