US Treasury Secretary Scott Bessent speaks with reporters outside the West Wing of the White House in Washington, DC, on October 22, 2025. Jim Watson/AFP/Getty Images

Treasury Secretary Scott Bessent said that the White House will be announcing “a substantial pickup in Russia sanctions.”

“We are going to either announce after the close this afternoon— or first thing tomorrow morning, a substantial pickup in Russia sanctions,” Bessent told reporters at the White House Wednesday afternoon.

“You’ll have to wait and see what it is,” he added.

A White House official said the president is expected to announce a significant uptick in new sanctions related to Russia. The sanctions are not expected to be about China.

This is a developing story and will be updated.

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