More western sanctions against Russian economy and supply chains – POLITICO

LONDON — The US, EU and other allies are planning further sanctions against Russian supply chains and economic sectors that play a key role in the war in Ukraine, US Deputy Treasury Secretary Wally Adeyemo said.

Adeyemo, speaking in London on Tuesday at the start of a European trip to consult allies on sanctions against Russia, said the aim was to undermine “the Kremlin’s ability to run its war machine”.

“In addition to sanctioning companies in sectors that enable the Kremlin’s malign activities, we also plan to take action to disrupt their critical supply chains,” he said at an event hosted by the Chatham House think tank.

Adeyemo said the US goal is to combine export controls “that will take effect over time” with economic sanctions that have an immediate effect.

“Russia does not produce internally a number of things that it needs to build its military equipment or to build things for its economy,” he said.

“Using our export control tool enables us to disrupt this supply chain. Using the tools of financial sanctions will enable us to freeze the assets of not only the Russian companies that help build the military equipment, but also the assets of the alternative suppliers they might use to go after them quickly.”

These sanctions are being imposed in coordination with “more than 30 partners and allies” who have formed a “coalition in response to Russia’s invasion of Ukraine,” he added.

Adeyemo didn’t name a specific sector or company, but said the US and its allies have “additional obligations to take further significant steps to constrain Russia’s economy as long as the Russian invasion continues.”

He said the international system that enabled the sanctions against Russia and Belarus needs to be strengthened, adding that governments need to finalize the global corporate tax minimum deal and tackle food insecurity linked to disrupted supplies from Ukraine.

Unilateral sanctions should be avoided, he added, to protect the effectiveness of economic measures, which must be tied to clear political goals and could be “reversed” if allies conclude that Russia’s “behaviour has changed.” .

Adeyemo will travel to Brussels later on Tuesday, where he will announce a “sanctions dialogue” with senior EU officials. More western sanctions against Russian economy and supply chains – POLITICO

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