Treasury Secretary Scott Bessent on Wednesday said the Trump administration plans "a substantial pickup" in Russian sanctions as hopes to end the war in Ukraine are stalled

Treasury Secretary Scott Bessent told reporters Wednesday that the U.S. would be increasing sanctions on Russia, after a planned meeting between President Trump and Russian President Vladimir Putin in Budapest was scrapped.

W ASHINGTON—The Trump administration is planning substantial new sanctions on Russia, Treasury Secretary Scott Bessent said Wednesday. “We are going to either announce after the close this afternoon or first thing tomorrow morning a substantial pickup in Russia sanctions,” Bessent told reporters.

In a potentially significant reversal, Bessent says the U.S. will announce a "substantial pickup" in Russia sanctions.

Treasury Secretary Scott Bessent said that the White House will be announcing “a substantial pickup in Russia sanctions.”

Oil prices rallied as the U.S. tightened sanctions on Russia. Rising prices are unlikely to boost inflation, said Franklin Templeton.