WASHINGTON, July 10 — Against this backdrop of a grinding war in Ukraine and volatile energy markets, a core group of advisors within the Trump administration is shaping a proposed policy to impose tariffs on Russian oil, a move that could fundamentally alter the economic calculus of the conflict. At the centre of this effort is Treasury Secretary Scott Bessent, a former hedge fund manager who was confirmed to his post in January 2025.
Bessent, who previously served as an economic advisor to President Donald Trump, has been a vocal advocate for deploying economic pressure as a tool to bring the war in Ukraine to a close. His strategy reportedly includes the use of tariffs and secondary sanctions, a dual-pronged approach designed to squeeze Moscow’s revenues while limiting the ability of third countries to circumvent the measures.
Bessent is not acting alone. Alongside him is National Security Advisor Mike Waltz, a former U.S. Army Green Beret and a former congressman from Florida. Waltz has pushed for a more aggressive posture toward Russia, aligning with the Treasury Secretary’s view that economic leverage is essential.
Secretary of State Marco Rubio, a longstanding critic of Russia, supports the tariffs as part of a broader diplomatic strategy, lending the proposal weight within the administration’s foreign policy apparatus. What is at stake is not merely a new set of trade penalties.
The proposal involves coordination with key European allies, including European Commission President Ursula von der Leyen and UK Prime Minister Keir Starmer. For European capitals, the prospect of American tariffs on Russian oil raises immediate questions about the stability of global energy supplies and the unity of the Western response to Moscow’s aggression. The wider picture, from a European perspective, is one in which Washington is once again wielding its economic might in a manner that could either reinforce or complicate transatlantic efforts to isolate Russia.
The decision, however, is far from settled. The proposal is subject to internal debate, with some advisors cautioning against potential retaliation from Russia or disruption to global energy markets. President Trump himself has publicly stated that he could end the war in 24 hours, though no detailed plan has been released.
His administration includes other key figures in this calculus: Energy Secretary Chris Wright, who oversees energy policy, and Commerce Secretary Howard Lutnick, who would be responsible for implementing the tariffs. The final decision rests with President Trump, a leader with a history of unpredictable trade policies.
For now, the administration’s internal discussions remain a closely watched drama, one in which the future of economic statecraft and the trajectory of the war in Ukraine hang in the balance.
