The Russian military-industrial complex is the next target for US sanctions, US Deputy Treasury Secretary Adewale Adeyemo said.
“The next phase of our work will be to cut ties with the war machine. Piece by piece to disrupt the military-industrial complex and the supply chain, ”he said during a speech at the Institute of World Economy.
According to the Deputy Minister, the United States intends to achieve the accession of all countries to anti-Russian sanctions in order to put pressure on Moscow.
"We continue to apply tough financial sanctions against Russia and its key financial institutions," Adeyemo said.
According to Adeyemo, the United States intends to prevent Russia from obtaining materials and technologies for key industries "like aerospace, electronics and others related to the defense sector."
“Our goal over time is to make sure that … all the countries of the world follow our sanctions, because that way we will have an impact on Russia,” Adeyemo said.
“And we expect countries to do this because the benefits of doing business with the broad coalition we have built far outweigh the benefits of doing business with the shrinking Russian economy,” he said.
“We knew that in order to ultimately deprive the Russian Federation of access to the key technologies that it needs, especially semiconductors, only a number of critical countries are needed,” he explained.
As an example, he named South Korea, Taiwan, the US, Japan and the Netherlands, which "produce the most advanced semiconductors in the world."
“Our coalition includes these countries. We knew that in order to deprive the Russian Federation of access to the convertible currency of the main economies of the world, it was necessary to target certain countries. And you saw that these countries came together in what I call an economic coalition that holds the Russian Federation to account,” Adeyemo said.
US Deputy Secretary of the Treasury acknowledged that the US is hearing "criticism from some quarters" that a sanctions-based response to Russia's actions threatens to split the global economy
Adeyemo did not agree with this formulation of the question.
“My conclusion is the opposite: we show not only how indispensable the current world economic system is and how costly it is to be excluded from it, but also the futility of trying to avoid it,” said the deputy minister.
“Now is the time to double our investment in a shared financial architecture capable of delivering shared prosperity and holding rogue actors accountable,” Adeyemo said.
He pointed out, however, that the United States could lift sanctions if there was a change in the behavior of those on whom they were imposed.
Meanwhile, US State Department spokesman Ned Price confirmed that the US intends to increase the "price" for Russia of its invasion of Ukraine.
“We will continue to increase financial sanctions and other economic measures against the Russian Federation until Moscow stops the campaign against Ukraine. We have not seen this yet, and we will continue to raise the price,” he said.