US admits Russia sanctions may be redundant
(Baonghean.vn) - The US is concerned that sanctions against Russia imposed in the context of the special operation in Ukraine may become too redundant, Deputy Secretary of the Treasury Wally Adeyemo said in a speech at a hearing before Congress.
“In the US alone, we have imposed thousands of sanctions on Russian organizations and individuals,” said Mr. Adeyemo.
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| US Congress. Photo: AP |
Western countries imposed sanctions against Moscow after Russia launched a special operation to demilitarize and defascize Ukraine. The restrictions mainly affected the banking sector and high-tech products. Several countries froze the assets of Russian banks. Many companies announced the suspension of operations in the country.
At the same time, the disruption of supply chains has led to economic hardship in the US and Europe, which are now facing unprecedented increases in fuel and food prices. The US was one of the first countries to refuse to buy Russian oil and welcomed similar decisions by EU countries.
Specifically, in the US, inflation skyrocketed to 8.6% in May - the highest level since December 1981, and gasoline prices on June 10 exceeded $5/gallon for the first time in history. To combat inflation, the US Federal Reserve (FED) raised interest rates by 50 basis points on May 4, raising the federal funds rate to 0.75 - 1%.
As Patrick Basham, director of the Institute for Democracy, notes, Americans are increasingly less enthusiastic about the sanctions imposed by the Biden administration against Russia, believing that the authorities should focus on solving domestic problems. According to polls, the White House leader's approval rating has dropped to 36% - the lowest level of his entire tenure.
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