Trump does not need Senate authority to impose 500% tariffs on buyers of Russian oil - Bessent
Kyiv • UNN
US Treasury Secretary Scott Bessent stated that President Trump can impose 500% tariffs on countries buying Russian oil without Senate approval. He also highlighted Europe and China's purchases of Russian oil.
U.S. Treasury Secretary Scott Bessent stated on Tuesday that President Donald Trump does not need Senate authorization to impose 500% tariffs on countries purchasing Russian oil. He made this statement during his address at the World Economic Forum in Davos, as reported by UNN.
Details
"Regarding the 500% tariff on buyers of Russian oil, this is a proposal that Senator Graham presented before the Senate, and we will see if it is approved. We do not believe that President Trump needs such authority, that he can do it within the IEPA, but the Senate wants to grant him this authority," Bessent said.
At the same time, Bessent pointed to Europe's purchase of Russian oil.
"Europe is buying Russian oil, still, four years later they are funding a war against themselves. India started buying Russian oil after the conflict began, but President Trump imposed a 25% tariff on them, and India slowed down and stopped buying Russian oil," Bessent said.
He also pointed to China as one of the main buyers of Russian oil.
"China is a very large buyer of Russian oil, as well as Iranian and Venezuelan oil, but you know what... there is no more Venezuelan oil for them," Bessent noted.
When asked if the administration would treat China the same way as others regarding the purchase of Russian oil concerning tariffs and sanctions, the U.S. Treasury Secretary indicated: "Well, we'll see what happens with this Senate bill, and Iranian oil, that will depend on President Trump."
As BBC reports, during his speech, U.S. Treasury Secretary Scott Bessent also reiterated his previous warning to European countries not to retaliate against President Trump's plan to acquire Greenland.
Speaking at the World Economic Forum in Davos, he said European leaders should "keep an open mind."
"I tell everyone: sit back. Take a deep breath. Don't retaliate. The President will be here tomorrow, and he will deliver his message," Bessent said.
Trump will hold meetings, Bessent said.
"The worst thing" countries can do is escalate against the United States, he added.
"This has been in the minds of American presidents for over 150 years," he said, referring to Greenland's strategic value.
Trump reiterated US desire to take control of Greenland20.01.26, 08:58 • 2856 views
Addition
On January 7, U.S. Senator Lindsey Graham announced that President Donald Trump had approved a bill on sanctions against Russia aimed at forcing Moscow to end the war with Ukraine.
Under the Russia Sanctions Act of 2025, the bipartisan legislation is designed to give Trump broad, almost unprecedented, powers to economically isolate Russia and punish major global economies that continue to trade with Moscow and fund its war against Ukraine.
Most notably, the bill would require the United States to impose a 500% tariff on all goods imported from any country that continues to purchase Russian oil, petroleum products, or uranium. This measure would effectively financially squeeze Russia while deterring foreign governments from undermining U.S. sanctions, Fox News notes.
"This bill will allow President Trump to punish those countries that buy cheap Russian oil, which fuels Putin's war machine," Graham said.
"This bill will give President Trump tremendous leverage against countries like China, India, and Brazil to incentivize them to stop buying cheap Russian oil, which provides funding for Putin's bloodshed against Ukraine," he noted.