Bessent was critical of former US President Joe Biden's sanctions approach, describing them as "egregiously weak," particularly when it came to Russian energy. He argued that the weakness in these sanctions allowed Russia's military operations to continue, largely because of concerns about rising energy prices in the US.
"A major factor that has enabled the Russian war machine's continued financing was the Biden administration's egregiously weak sanctions on Russian energy, stemming from worries about upward pressure on US energy prices," Bessent stated.
Despite Biden's sanctions on Russia’s oil sector toward the end of his presidency, Bessent suggested that these actions came too late. He indicated that the current administration's stance would be different, reiterating that the enhanced sanctions imposed by President Biden would remain in place.
