• US Treasury Secretary Scott Bessent advocates for increased sanctions against countries buying Russian oil.
• The EU is exploring new sanctions targeting Russian banks and oil trade.
• Coordination between the US and EU is critical to exerting pressure on Russia.
• Trump administration has already imposed steep tariffs on Indian oil imports from Russia.

US Treasury Secretary Scott Bessent has emphasized the importance of collaboration between the United States and the European Union to increase economic pressure on Russia, particularly by targeting nations that continue purchasing Russian oil. Bessent stated, “We are prepared to increase pressure on Russia, but we need our European partners to follow us” during an interview on NBC's Meet the Press, highlighting the urgency of coordinated sanctions against Moscow amid ongoing military conflicts in Ukraine, especially after Russia's significant missile assault on Ukrainian cities, according to Channel News Asia and Al Jazeera.

The proposed initiatives from both US and EU officials include discussions of secondary tariffs aimed at further destabilizing Russia's economy. Following significant tariffs of 50% imposed on India due to its oil dealings with Russia, Bessent pointed out that additional sanctions could “collapse” the Russian economy, thereby coercing President Vladimir Putin to negotiate peace, as mentioned by sources from India Times and India Times.

In light of the growing aggressiveness from Russia, the EU is preparing to implement a fresh set of sanctions, potentially the 19th since the onset of the conflict, focused on Russian banks and oil trade. These sanctions are intended to synergize with US actions, as representatives from the EU plan to meet US officials to finalize joint measures aimed at targeting Russia's economy more effectively, according to India Times.

Furthermore, discussions between US and EU leaders have gained traction as the conflict intensifies. President Trump has indicated that he is ready to advance to a "second phase" of sanctions against Russia, reflecting a more aggressive stance following a series of escalatory military actions from Moscow, as reported by Reuters and India Times.

As these international dynamics evolve, the effectiveness of sanctions remains a critical topic, with European officials questioning their ability to compel Russia to change its aggressive wartime strategy. The ongoing cooperation between the US and EU may determine the success of these economic measures aimed at mitigating the war's impact, as discussed in various sources including Channel News Asia and Reuters.