The restrictions have threatened the status of the dollar, Scott Bessent said
US President Donald Trump has ordered a review of the sanctions policy, aiming to make the restrictions more damaging to countries like Iran and Russia, Treasury Secretary Scott Bessent has announced.
In an interview with Fox Business on Tuesday, he argued that the “lackadaisical” sanctions imposed by former President Joe Biden have failed to achieve any meaningful result, only hurting the US in the process.
“For a long time, we’d have what I always called lazy sanctions. They would just sit there. We think it threatens the dollar’s reserve currency status,” Bessent said.
“We come in, we hit them hard, we hit them fast, we hit them heavy. And that’s what we are doing with Iran. So we’re calling it Operation Maximum Pressure,” he added.
The US could amp up the sanctions against Russia if the negotiations to end the Ukraine conflict fail, Bessent warned. “We will be able to get [Moscow] to the table without increasing the sanctions, but all options are on the table,” he said.
In recent years, the US has either strengthened the existing sanctions or imposed new ones on Russia, China, Iran, and North Korea.
While Moscow has condemned the sanctions as illegal, it argued that they have ultimately made Russia more self-sufficient and resilient. President Vladimir Putin said on Tuesday that, despite foreign pressure, the national economy continued to grow.
Speaking during a meeting of the Russian Union of Industrialists and Entrepreneurs (RSPP) in Moscow, the president accused the West of using the Ukraine conflict as a pretext to eliminate Russia as a competitor.
“The sanctions are not temporary or targeted measures. It is a mechanism of systemic, strategic pressure on our country,” he said. Putin added that the West would continue to strive to weaken the Russian economy regardless of the situation on the world stage.
