A Treasury Department official says the United States and its allies are pushing ahead with sanctions aimed at forcing Vladimir Putin to spend Russia’s money propping up its economy rather than sustaining its “war machine” for the fight in Ukraine
Deputy Treasury Secretary Wally Adeyemo speaks during an interview in his office at the Treasury Department in Washington, Tuesday, April 12, 2022. – The United States and its allies are pushing ahead with sanctions aimed at forcing Vladimir Putin to spend Russia's money propping up its economy rather than sustaining its “war machine” for the fight in Ukraine, a top Treasury Department official said Tuesday.
“Let’s be clear that the increase in energy prices was caused by President Putin’s invasion, and we’re going to continue to see volatility in those markets as long as President Putin continues his illegitimate invasion of Ukraine,” he said. He added that the Biden administration was “committed to doing everything we can to lower the cost of energy for the American people."As Treasury Secretary Janet Yellen's No.
“What that means practically is that with less money, Russia will have less money to invest in their military," he said. “Our German counterparts and my European counterparts in general are working as hard as possible to make plans to get off of Russian energy as quickly as possible, including last week’s announcement that they were going to ban Russian coal in the near term,” Adeyemo said. “And our expectation is that they’re going to take these steps.”
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US, allies aim to force Russia to shift money away from warThe United States and its allies are pushing ahead with sanctions aimed at forcing Vladimir Putin to spend Russia's money propping up its economy rather than sustaining its “war machine” for the fight in Ukraine, a top Treasury Department official said Tuesday. Deputy Treasury Secretary Wally Adeyemo, one of the main U.S. coordinators on the Russian sanctions strategy, said in an interview with The Associated Press that the goal is to make Russia “less able to project power in the future.” On the same day that inflation notched its steepest increase in decades, Adeyemo said reducing supply chain backlogs and managing the pandemic are key to bringing down soaring prices that he related to the ongoing land war in Ukraine, which has contributed to rising energy costs.
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US, allies aim to force Russia to shift money away from warThe United States and its allies are pushing ahead with sanctions aimed at forcing Vladimir Putin to spend Russia's money propping up its economy rather than sustaining its “war machine” for the fight in Ukraine, a top Treasury Department official said Tuesday. Deputy Treasury Secretary Wally Adeyemo, one of the main U.S. coordinators on the Russian sanctions strategy, said in an interview with The Associated Press that the goal is to make Russia “less able to project power in the future.” On the same day that inflation notched its steepest increase in decades, Adeyemo said reducing supply chain backlogs and managing the pandemic are key to bringing down soaring prices that he related to the ongoing land war in Ukraine, which has contributed to rising energy costs.
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