Dmitriev claimed sanctions would have no impact, but Bessent stresses that oil profits down 20%, inflation above 20%, and Russia’s wartime economy reeling.
Russia has trapped itself in a "military rent" scenario where continuing the war becomes financially impossible, yet stopping it triggers mass unemployment and economic restructuring.
Democratic Senator Richard Blumenthal pushes for 500% tariffs on Russian oil buyers, including China and India, while President Trump proposes lower 100% tariffs.
The proposed reduction from $60 to $45 per barrel was originally included in the EU's 18th sanctions package expected for adoption in June but abandoned after G7 countries agreed the timing was inappropriate as "the situation is too volatile."
Six officials familiar with the discussions told the New York Times that Trump had retreated from threats of joining European sanctions against Moscow, instead emphasizing future trade opportunities with Russia.