The US Treasury Secretary, Scott Bessent, has signalled that Washington is poised to intensify sanctions against Russia within hours, adding momentum to parallel efforts in Congress and the European Union to tighten economic pressure over the war in Ukraine.
Speaking to reporters on Wednesday, 22 October, Mr Bessent said the administration was preparing “a substantial pickup” in Russia-related sanctions. “We are going to either announce after the close this afternoon or first thing tomorrow morning a substantial pickup in Russia sanctions,” he said.
The anticipated measures come as the Senate Foreign Relations Committee advanced three Russia-related bills on Wednesday. One would update existing authority to use frozen Russian assets to support Ukraine; another targets individuals and entities in third countries assisting Russia’s military effort; and a third would require the designation of Russia as a state sponsor of terrorism unless it returns abducted Ukrainian children. The committee approvals send the legislation to the full Senate, where timing remains uncertain.
In Europe, member states are moving towards a 19th EU sanctions package. The European External Action Service proposed the new round on 19 September, with measures expected to focus on energy-linked revenues, banks, cryptocurrency channels, and the so-called “shadow fleet” used to transport Russian oil outside G7 price-cap rules. EU foreign policy chief Kaja Kallas said on 20 October that adoption could come “within days”, with 23 October identified by some officials as a possible date, subject to final agreement among capitals.
Talks among EU ambassadors in recent weeks have centred on tightening implementation of the oil price cap, expanding listings, and curbing circumvention via third countries and digital assets. Earlier packages since July have included a moving oil cap benchmark and measures against banks, energy-related services and trade items with potential military use. Further discussion has involved additional maritime restrictions aimed at reducing revenue from Russia’s seaborne crude and refined products.
Mr Bessent’s signal of an imminent US move suggests a coordinated Western approach may follow, even if the instruments differ. US sanctions announcements typically include new designations of individuals and entities, updates to sectoral restrictions, or directives tightening compliance expectations for global financial institutions. Recent administration actions have also targeted networks alleged to facilitate procurement for Russia’s defence sector and to enable evasion through intermediaries in China, the Middle East and the Caucasus. Any additional steps could seek to limit remaining loopholes that allow access to dual-use components and finance. (This inference is based on the pattern of recent US and EU actions described in the cited sources.)
On Capitol Hill, the committee’s move reflects a broader push to increase costs on Russia while clarifying US policy tools. The proposed conditional terrorism designation is intended to apply pressure regarding the forced transfer of Ukrainian children documented by international bodies and Kyiv. The asset-use bill aligns with earlier executive-branch efforts to channel proceeds from immobilised Russian state assets to Ukraine, though legal and diplomatic complexities remain, particularly regarding coordination with European partners who hold most of the reserves.
Within the EU, the trajectory towards a 19th package follows a cycle of negotiation characterised by technical debates and occasional national reservations before consensus is reached. Commission and Council communications in September and October outlined priorities including LNG-related measures, financial listings, and tighter controls on crypto-asset service providers. Diplomats have also discussed extending listings to entities in third countries suspected of aiding sanctions evasion, with final scope dependent on political agreement among the 27.
If confirmed on the timetable indicated by Mr Bessent, new US measures would precede or coincide with a potential EU decision, reinforcing the signal of continued transatlantic coordination. Such coordination has been a hallmark of major sanctions rounds since 2022, with sequencing designed to maximise impact on targeted sectors and to align compliance expectations for multinational firms. Further details from Washington are expected when the administration issues the formal determination and accompanying designations.
