• U.S. lawmakers plan to confront Treasury Secretary Scott Bessent over a stalled Russia sanctions bill during the NATO summit in Washington.
  • The bill, which would impose secondary sanctions on entities facilitating Russian energy exports, faces opposition from some European allies.
  • Bessent's position could signal the Biden administration's willingness to escalate pressure on Moscow amid stalled peace talks.

Fragile Prospects

A group of bipartisan lawmakers is set to press Treasury Secretary Scott Bessent on the sidelines of the NATO summit this week to advance a long-stalled Russia sanctions bill, according to people familiar with the matter. The legislation, which would slap secondary sanctions on financial institutions and companies that facilitate Russian energy exports, has been languishing in Congress as the administration weighs its impact on global energy markets and allied relations.

“Without a deal, the administration would be forced into a more unilateral approach,” said a Senate aide involved in the discussions, who spoke on condition of anonymity. The bill’s backers argue it is critical to cutting off revenue flowing to Moscow’s war machine, especially as peace efforts remain at a standstill.

Energy Politics

The proposed measures have drawn concern from some NATO allies, particularly in Europe, who fear disruptions to energy supplies. Bessent, who has previously emphasized the need to maintain stability in energy markets, is expected to face pointed questions from lawmakers about the administration’s timeline and conditions for supporting the bill. The Treasury Department declined to comment on the upcoming meeting.

“It’s a balancing act,” noted a former Treasury official familiar with sanctions policy. “The administration wants to show resolve, but they’re also wary of fracturing the coalition that has been key to sanctions effectiveness.”

Market Implications

Oil prices edged higher on Tuesday, with Brent crude up 0.8% to $85.50 a barrel, as traders weighed the potential for tighter sanctions enforcement. Shares of Russian-linked energy firms slipped on London exchanges. Analysts say the bill, if passed, could significantly disrupt shadow fleet operations and insurance arrangements that have helped Russia maintain export volumes above the G7 price cap.

What’s Next

The summit, which runs through Thursday, provides a high-profile venue for the sanctions debate. Lawmakers are expected to press Bessent for a clear answer on whether the White House will back the bill or seek to water it down. A vote in the House could come as early as next month, though the path in the Senate remains uncertain.

Correction: An earlier version of this article misstated the timing of the summit. It begins Wednesday, not Tuesday.