Senator Wyden Presses Treasury Chief on Russia Sanctions and SWIFT Reentry

Senate Finance Committee Chair Ron Wyden (D-OR) is urging U.S. Treasury Secretary Scott Bessent to reaffirm his commitment to enforcing sanctions against Russia and clarify recent remarks about potentially allowing Russian banks back into the SWIFT payment network.

In a letter sent Friday, Wyden called on Bessent to stand firm on Ukraine-related sanctions and ensure that no U.S. policy shift undermines efforts to hold Russia accountable for its 2022 invasion of Ukraine. Wyden cited Bessent’s Senate confirmation comments where he expressed readiness to strengthen sanctions on Russian oil companies if former President Donald Trump requested it as part of peace efforts.

The Oregon Democrat requested detailed responses about Bessent’s comments on Fox News, where the Treasury chief did not rule out Russia’s return to SWIFT. Wyden questioned whether the U.S. would permit this reentry without a comprehensive peace deal that fully addresses Russia’s unprovoked aggression in Ukraine.

He also raised concerns about the new U.S.-Ukraine critical minerals and investment deal, asking how it would enhance Ukraine’s post-war security without benefiting entities that supported Russia’s war efforts. Wyden emphasized that economic agreements with Ukraine must align with sanctions enforcement to prevent loopholes.

The letter further pressed Bessent to confirm whether the Treasury Department would continue supporting the G7’s commitments to restrict Russia’s use of the global financial system.

No immediate response has been issued by the Treasury Department.

This development underscores growing Congressional scrutiny over potential shifts in U.S. foreign policy and financial enforcement related to Russia.