New US Sanctions on Russia as Soon as Wednesday: Bessent

More U.S. sanctions targeting Russia will be announced on Wednesday or Thursday, U.S. Treasury Secretary Scott Bessent said on 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 at the White House.

Bessent has been on a diplomatic tear, speaking with a slew of world leaders from multiple continents over the past week as the Trump administration works to end the war in Ukraine and calm tensions in the Middle East, the Treasury Department said.

Bessent has spoken with top officials from Israel, Qatar, the U.K., Canada, Germany, Greece, Japan, and the European Commission. 

The Treasury Department said the talks reflect President Donald Trump's drive to rally allies behind "peace through strength," using diplomacy and economic muscle to restore global stability.

The war in Ukraine dominated Bessent's meeting with Valdis Dombrovskis, the European Commission's Commissioner for Economy & Productivity and Commissioner for Implementation & Simplification.

"Secretary Bessent reiterated that President Trump's priority is securing a ceasefire and a lasting peace agreement between Ukraine and Russia," the Treasury Department said. 

The Secretary "underscored the need for Europe to be proactive on increased G7 economic pressure against Russia" and pressed for unity against China's rare earth export curbs.

Bessent also met last week with Germany's Vice Chancellor and Finance Minister Lars Klingbeil to discuss the EU's support for Kyiv. 

Newsmax contributed to this report.