The US acknowledges that sanctions against Russia may be excessive.
(Baonghean.vn) - The US is concerned that sanctions against Russia imposed amid the special operations in Ukraine may become excessive, Deputy Treasury Secretary Wally Adeyemo said in a speech at a congressional hearing.
"In the United States alone, we have imposed thousands of sanctions on Russian organizations and individuals," said Adeyemo.
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| The U.S. Congress. Photo: AP |
Western countries imposed sanctions against Moscow after Russia launched a special operation to demilitarize and defascize Ukraine. The restrictions primarily affected the banking sector and high-tech products. Several countries froze the assets of Russian banks. Many companies announced a temporary suspension of operations in the country.
At the same time, supply chain disruptions have led to significant economic difficulties in the US and Europe, which are currently 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 surged to 8.6% in May—the highest level since December 1981—and on June 10th, gasoline prices exceeded $5 per gallon for the first time in history. To combat inflation, the Federal Reserve (FED) raised interest rates by 50 basis points on May 4th, bringing the federal funds rate to between 0.75% and 1%.
As Patrick Basham, director of the Institute for Democracy, noted, as the midterm congressional elections approached, Americans became increasingly less enthusiastic about the sanctions the Biden administration imposed against Russia, believing that authorities should focus on domestic issues. According to opinion polls, the approval rating of the White House leader has fallen to 36% – the lowest level during his presidency.
