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ARTICLE · 28 JANUARY 2025

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Weekly Sanctions Update: January 22, 2025

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During a Senate confirmation hearing, Scott Bessent, nominee for Secretary of the Treasury, supported more comprehensive sanctions on Russia's energy sector. Bessent, in response to a question.

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Evan T. Abrams
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Meredith Rathbone
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Guy Soussan
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Alexandra Melia
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Quentin Johnson
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US Developments

Nominee for Treasury Secretary Discusses Sanctions on Russia and Iran

During a Senate confirmation hearing, Scott Bessent, nominee for Secretary of the Treasury, supported more comprehensive sanctions on Russia's energy sector. Bessent, in response to a question about the Russian sanctions regime, said that the Biden Administration sanctions on Russia, especially in the oil and energy spheres were "not fulsome enough." Bessent later echoed this sentiment when discussing the Iran sanctions regime, claiming that, through sanctions policy, the US can "make Iran poor again, not the Iranian people." Bessent argued that successful sanctions against Russia and Iran would require the US to increase its energy production.

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