The US Treasury recommended that Biden apply sanctions more selectively

The ministry believes that the decision to impose sanctions on the US administrationshould be assessed as to whether they will be the right tool in each particular situation, and the political and economic implications

The administration of US President Joe Biden should be more selective when imposing sanctions. This is stated in the report of the US Department of the Treasury on the application of economic and financial sanctions, which contains recommendations on maintaining and increasing their effectiveness.

“Sanctions are a fundamentally important tool for advancing our national security interests. The review of sanctions showed that this powerful tool continues to deliver results, but also faces new challenges. We are committed to working with partners and allies to modernize and strengthen this important tool,” said Deputy Finance Minister Adewale Adeyemo, who was responsible for preparing the report.

The document emphasizes that technological innovations, including digital currencies, alternative payment platforms and new ways to hide cross-border transfers, potentially reduce the effectiveness of US sanctions. These innovations, according to the Ministry of Finance, give cybercriminals the ability to store and transfer funds outside the traditional financial system based on the use of the dollar.

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The department believes that when deciding to impose sanctions, the US leadership should evaluate whether restrictions will become the right tool in each specific situation, and also take into account the political and economic consequences. “Sanctions are most effective when they are coordinated by the [U.S.] administration, where possible with allies and partners who can enhance the economic and political impact. This coordination also enhances confidence in US leadership on the world stage and in the overall political goals of the United States and its allies,” the report says.