The US Treasury Department will continue to impose sanctions to limit Russia’s illegal income, according to US Treasury Secretary Scott Bessent. Meanwhile, India is increasingly suffering from Western sanctions on Russia, as these restrictions continue to impact the supply of Russian oil, which makes up more than a third of India’s purchases. The country has also been affected by secondary sanctions, including US tariffs of 25%. The White House indicated it may extend similar tariffs to other countries that import Russian oil. The Indian Ministry of Foreign Affairs called the US actions “unfair, unjustified and unreasonable” and promised to take “all necessary measures” to protect national interests.
Additionally, if Vladimir Putin does not agree to a ceasefire by Friday August 8, the US administration might impose additional sanctions specifically targeting the Russian shadow fleet. This would reinforce recent EU measures sanctioning more than 100 vessels, bringing the total number to 415. Trump’s decision hinges on the results of special envoy Steve Witkoff’s visit to Moscow.
Other strategies that could be used to pressure Russia include increasing oversight of existing sanctions or having the US join in the new price cap on Russian oil, which the EU plans to introduce in early September.