Nearly a year after the start of the Russian invasion of Ukraine, the U.S. and its allies are continuing to pressure companies and financial institutions worldwide to sever their economic ties to Russia, Deputy Secretary of the Treasury Wally Adeyemo said today. In a speech, Adeyemo said the U.S. is planning to launch a renewed effort to enforce the sanctions and export controls already in place. Countries, companies and individuals will be given a choice: “do business with a coalition representing half of the global economy, or to provide material support to Russia,” he said.
“To strengthen this effort, we will improve information sharing and coordination among our allies, as well as share additional information with firms in our countries to garner their assistance in preventing countries, companies and individuals from providing material support to Russia,” Adeyemo said.
Despite the sanctions, the U.S. has watched as Russia has been able to deepen its financial ties and trade flows in some countries, Adeyemo said. “Officials from the U.S. and the governments of our coalition partners are also engaging with companies and banks in these jurisdictions to tell them directly that if they do not enforce our sanctions and export controls, we will cut them off from access to our markets and financial systems.” He added that the cost of doing business with Russia is steep, “and companies and financial institutions should not wait for their governments to make the decision for them.”