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Adeyemo To Discuss Tightening Russia Sanctions In Germany Speech

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US Deputy Treasury Secretary Wally Adeyemo will deliver a speech in Germany on May 31 which may lay the groundwork for US secondary sanctions on financial institutions which facilitate transactions seen to support Russia's defence sector.

  • Treasury said in a statement: “[In Germany], Adeyemo will discuss further tightening sanctions against Russia’s military industrial complex, sustaining essential economic and military assistance to Ukraine, and multilateral efforts to unlock the value of Russian sovereign assets to benefit Ukraine.”
  • During his May 31 speech Adeyemo, “will outline the clear threat posed by Russia to Europe as its economy shifts to a war footing… Adeyemo will highlight the new tools provided by President Biden’s December executive order, which authorizes the Treasury to impose secondary sanctions on financial institutions facilitating significant transactions that support Russia’s defense sector…"
  • Punchbowl News reports that banks “should probably pay attention to,” Adeyemo’s speech: “Looming over banks in Europe in particular is [Biden's executive order]," adding, "Secondary sanctions can be a financial death sentence for banks caught in the blast zone.”
  • On the same day, President Biden will host Belgian Prime Minister Alexander De Croo at the White House to discuss, “efforts to make the greatest use of the immobilized Russian sovereign assets.”
  • The meeting comes ahead of the June 13-15 G7 Summit in Italy where leaders are expected to announce a plan to use frozen Russian asset to fund Ukraine. As most of the assets are immobilised in Belgium’s Euroclear, De Croo’s buy-in may be crucial for US plans.
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US Deputy Treasury Secretary Wally Adeyemo will deliver a speech in Germany on May 31 which may lay the groundwork for US secondary sanctions on financial institutions which facilitate transactions seen to support Russia's defence sector.

  • Treasury said in a statement: “[In Germany], Adeyemo will discuss further tightening sanctions against Russia’s military industrial complex, sustaining essential economic and military assistance to Ukraine, and multilateral efforts to unlock the value of Russian sovereign assets to benefit Ukraine.”
  • During his May 31 speech Adeyemo, “will outline the clear threat posed by Russia to Europe as its economy shifts to a war footing… Adeyemo will highlight the new tools provided by President Biden’s December executive order, which authorizes the Treasury to impose secondary sanctions on financial institutions facilitating significant transactions that support Russia’s defense sector…"
  • Punchbowl News reports that banks “should probably pay attention to,” Adeyemo’s speech: “Looming over banks in Europe in particular is [Biden's executive order]," adding, "Secondary sanctions can be a financial death sentence for banks caught in the blast zone.”
  • On the same day, President Biden will host Belgian Prime Minister Alexander De Croo at the White House to discuss, “efforts to make the greatest use of the immobilized Russian sovereign assets.”
  • The meeting comes ahead of the June 13-15 G7 Summit in Italy where leaders are expected to announce a plan to use frozen Russian asset to fund Ukraine. As most of the assets are immobilised in Belgium’s Euroclear, De Croo’s buy-in may be crucial for US plans.