Treasury Secretary Bessent Says Europe Gives Russia More Money Than Ukraine

On Oct 18 2026, Treasury Secretary Scott Bessent told NBC’s Meet the Press that European nations are sending more money to Russia than to Ukraine by continuing to import Russian energy.

This claim underscores Washington’s concern that Europe’s reliance on Russian oil and gas may undercut U.S. sanctions strategy and burden American consumers with higher fuel prices.

Bessent pointed to data from the Yamal facility, noting that 136 of 140 cargoes shipped in the first half of the year went to European destinations such as Belgium, Spain, France and the Netherlands, amounting to more than $8 billion in revenue for Moscow.

He contrasted that with U.S. imports, which total about $4 billion of Russian products, including $1.8 billion of fertilizer, and said European imports are more than ten times larger.

The Secretary emphasized that “the Europeans have given Russia and Vladimir Putin more money than they’ve given the Ukrainians” and added, “they continue to gorge on Russian energy.”

When pressed about recent U.S. policy, Bessent reiterated that no sanctions were lifted aside from a temporary waiver of the diesel embargo, and highlighted that President Donald Trump has imposed “the toughest sanctions” on Russia’s two largest energy firms, Rosneft and Lukoil.

He also recalled that the administration asked European allies in the spring to adopt secondary tariffs on China and India to offset Russian earnings, but the request was rejected, prompting him to ask why the United States should “bear the burden alone.”

Bessent noted that the United Kingdom lifted its own embargo on diesel and jet fuel made with Russian crude in May, asking “where’s the outrage for the rest of the world?” and describing Europe’s purchases as financing the Russian war machine.

The Treasury Secretary said the administration will continue to monitor the situation under the Lindsey O. Graham Sanctioning Russia and Iran Act of 2026, which gives the president a 60‑day window to assess and adjust policy, leaving open the possibility of further measures if Europe does not share the fiscal load.