US Deputy Treasury Secretary Promises to Increase Sanctions Pressure on Russia

The US will continue to work to weaken the Russian economy and take action to curb opportunities to circumvent sanctions. This will be announced in a speech on Tuesday by US Treasury Secretary Wally Adeyomo (the official's speech is at the disposal of CNN).

“We still have work to do, and we will continue to step up efforts until Russia stops its baseless and illegal invasion,” Adeyomo said, noting that the Russian economy now resembles Iran more than a G20 country.

The US Department of Commerce urged not to consider sanctionsagainst Russia "guillotine" Politics

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Adeyomo cited a $47 billion budget deficit, the second largest in the post-Soviet era, and a nine-month-consecutive decline in industrial production as signs of a decline in the Russian economy.

“Although we were able to cut off key Russian institutions from the global financial system and cut off access to critical defense components, we know that Russia is actively looking for ways to circumvent these sanctions,” Adeyomo said, adding that the following measures will be introduced specifically against attempts to circumvent sanctions .

This week, Bloomberg, citing the US financial crime enforcement agency FinCEN (Financial Crimes Enforcement Network, a division for combating financial crimes within the US Treasury), wrote about more than 100 reports of banks circumventing US sanctions.

According to the agency, the increase in the number of applications is associated with changes to the corresponding program, which President Joe Biden signed along with the budget for fiscal year 2023 (beginning October 1, 2022) of $ 1.7 trillion. The initiative was supplemented by a reward system - now whistleblowers whose information turned out to be useful can expect to receive an amount of 10 to 30% of the fine that the authorities charge for violating sanctions.

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On February 16, US Deputy Secretary of State Victoria Nuland announced new sanctions against Russia on the anniversary of the start of the special operation. The G7 countries have already agreed on this. According to her, it will affect the supply of technology and high-tech equipment.