U.S. Treasury Deputy Secretary Wally Adeyemo will hold meetings in Europe and Japan this month to coordinate a new Russia sanctions authority that focuses on financial institutions, Reuters reported on Jan. 15, citing a Treasury spokesperson.
U.S. President Joe Biden signed an executive order on Dec. 22 strengthening sanctions against Russia while also targeting financial institutions that support Russia’s war in Ukraine. The order also allows the White House to broaden import bans on certain Russian goods, including seafood and diamonds.
Adeyemo has arranged meetings with G7 partners, local key private representatives, academics, financial institutions, and other industry leaders from Jan. 16-23. The meetings will occur in Rome, Berlin, Frankfurt, and Tokyo.
Speaking on condition of anonymity, the spokesperson told Reuters that the deputy secretary will focus on coordination with partners in using a “new tool” to prevent Russia’s government from bypassing sanctions and getting supplied by G7 economies with critical goods for its military.
According to Reuters, while in Japan, Adeyemo will discuss security and the G7 price cap on Russian oil. In Germany and Italy, the key topics will be the Inflation Reduction Act and U.S.–Europe collaboration on bolstering the resilience of critical supply chains.
The deputy secretary’s trip comes ahead of the second anniversary of the full-scale Russian invasion of Ukraine. Washington and its allies have imposed numerous sanctions on Moscow since Feb. 2022, targeting Russian companies, banks, Russian dictator Vladimir Putin, and the representatives of his inner circle.
The U.S. has also worked to identify the companies that ignore sanctions imposed on Russia. It has already openly accused some organizations in the United Arab Emirates, Turkey, and China of helping Moscow avoid the measures.