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Trump and Putin are scheduled to meet on Friday to discuss ending Russia’s three-and-a-half-year war in Ukraine, with territorial control being a primary focus. The summit has the potential to be a turning point in the conflict.
Ukraine and its European allies, who were not invited to the talks, have urged Trump not to agree to any land concessions without Kyiv’s consent. Ukraine maintains that it will not concede territory seized by Russia, citing its constitution.
“Everyone has been frustrated with President Putin,” Bessent told Bloomberg Television in an interview on Wednesday morning. “We expected him to be more forthcoming at the table. If things don’t go well, we could see secondary tariffs or sanctions increase.”
Bessent added, “The president is the best at creating leverage for himself and will make it clear to Putin that all options are on the table.”
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Europeans Must ‘Put Up or Shut Up’
Trump has imposed an additional 25 percent tariff on India for purchasing Russian oil. This secondary tariff aims to pressure Moscow into making peace with Ukraine, though China remains Russia’s largest oil buyer.
Bessent criticized European allies for not doing enough with secondary sanctions. “The Europeans are in the wings carping about how he should do it, what he should do,” Bessent said. “But they need to join us in these sanctions.”
At a G7 meeting in Canada, Bessent asked if all leaders were willing to impose 200 percent tariffs on China with secondary sanctions. He noted that everyone was hesitant.
“Put up or shut up time. The president is creating his own leverage. We need the Europeans to come in and help create more leverage.”
Trump Talks ‘Swapping’ Land
Trump has suggested a deal could involve “swapping territories” between Russia and Ukraine, with about one-fifth of Ukrainian territory under Russian control.
Ukrainian President Volodymyr Zelensky traveled to Berlin on Wednesday for virtual meetings with European leaders and Trump before the Putin summit.
When asked whether Zelensky would need to give up territory as part of a peace deal to end Russia’s full-scale invasion launched in February 2022, Trump said: “We’re looking at territory that has been fought over for three-and-a-half years. A lot of Russians and Ukrainians have died.”
“We’re looking to get some back through swapping,” he added.
Russian Foreign Ministry spokesperson Alexei Fadeev responded by saying there was no need to invent anything territorial. He noted that the structure of the Russian Federation is enshrined in its constitution, adding that the goals of Putin’s delegation were dictated exclusively by national interests.
