China has formally rejected U.S. demands to cease Russian oil imports

U.S. Treasury Secretary Scott Bessent issued a pointed warning to China regarding its continued purchases of sanctioned Russian oil, indicating that buyers should prepare for steep financial penalties. Speaking in Stockholm, Bessent emphasized that the U.S. is advancing legislation with rare bipartisan support in the Senate that would authorize the president to impose secondary tariffs on sanctioned Russian crude—ranging from 0% to 500%. President Trump has already signaled his intent to apply a 100% tariff.

The measure, which has received backing from key NATO allies and Canada, is expected to be mirrored by much of the Western coalition supporting Ukraine. Bessent stressed that any nation continuing to buy sanctioned Russian oil should anticipate the consequences of this coordinated response.

“The Chinese take their sovereignty very seriously,” Bessent said. “We do not wish to infringe upon that. But if they choose to continue these purchases, they should be prepared to pay the 100% tariff.”

The warning came as President Donald Trump reaffirmed his stance on escalating pressure against Moscow. On Tuesday, Trump stated that the United States would begin implementing tariffs and other punitive measures against Russia in ten days unless substantial progress is made toward ending its ongoing war in Ukraine, which has stretched beyond three years. The president, who had initially issued a 50-day deadline last month, said this week he had not received any response from Russian leadership and would now move forward with a compressed 10- to 12-day timeframe for action.

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