U.S. Treasury Secretary Scott Bessent said European countries continue to purchase Russian oil four years after the start of the conflict in Ukraine, stating that such imports are effectively financing the war against Europe itself.
During a panel discussion at the World Economic Forum, Bessent said: “Just to be clear, that we have Europe buying Russian oil..” He added: “Still. Still. 4 years later.” He stated: “They are financing the war against themselves.”
Bessent noted that India had reduced its purchases of Russian oil following U.S. tariffs, while China remains a significant buyer. He said: “China is a very large buyer of Russian oil, as they are of Iranian oil, as they were of Venezuelan oil. But guess what, Maria? No more Venezuelan oil for them.” The remark appeared to reference U.S. sanctions and enforcement measures that have curtailed Venezuelan oil flows to China.
U.S. Treasury Secretary Scott Bessent:
— Clash Report (@clashreport) January 20, 2026
We have Europe buying Russian oil—still, still four years later.
They are financing the war against themselves. pic.twitter.com/17raPlJ21t
He said the U.S. administration does not believe additional congressional authority is required to impose similar measures on other purchasers of Russian oil, though a Senate proposal led by Senator Lindsey Graham is under consideration.
The comments were made during a session on global economic stability, inflation risks, trade tensions, and financial cooperation. Bessent described the U.S. economy as “very strong and likely accelerating,” citing private-sector GDP growth of 4.7% in the latest quarter after accounting for fiscal contraction.
He attributed the performance to tax cuts, trade deals, and deregulation, highlighting policies such as full expensing for corporate investments, no tax on tips, overtime, or Social Security, and interest deductibility for American car loans. Bessent said real incomes for working Americans have increased every month since President Donald Trump took office and projected substantial tax refunds in the first quarter due to unchanged IRS withholding guidance.
Bessent also addressed U.S. intervention in strategic sectors, including stakes in Intel and MP Materials, describing these as national security measures to reshore supply chains. He said the U.S. aims for independence in critical minerals refinement within 18 to 24 months and is working with allies to establish a “critical minerals block” outside Chinese influence.
