US Deputy Secretary of the Treasury Wally Adeyemo is embarking on a diplomatic mission to key G7 countries from January 15th to 23rd to reinforce collaborative efforts aimed at holding Russia accountable for its ongoing war against Ukraine.
During his official engagements in Rome, Berlin, Frankfurt, and Tokyo, Adeyemo will focus on strengthening the partnership between the U.S. and its G7 allies to diminish Russia's financial support for its illegal actions in Ukraine. This initiative aligns with President Biden's recent Executive Order, targeting sanctions evasion, and the continued success of the price cap on Russian oil.
The sanctions and export controls imposed by the G7 and other allies have proven effective in damaging Russia's economy and restricting its access to financing, crucial for sustaining its unwarranted military campaign. As a response to Russia's attempts to circumvent these measures, President Biden recently amended Executive Order 14024, expanding the Treasury's sanctions authorities to target foreign financial institutions supporting significant transactions benefiting Russian military procurement.
Deputy Secretary Adeyemo's discussions will also extend to reinforcing the commitment to the G7 leaders' statement, as the U.S. collaborates with allies to aggressively pursue those facilitating the evasion of sanctions on Russia. The Treasury will utilize new tools provided by this authority to take decisive, surgical action against entities aiding Russia's circumvention of sanctions.
Building on his previous travels to Europe in the fall, the Deputy Secretary will engage in conversations addressing the critical role of economic and military assistance to Ukraine. Additionally, he will explore macroeconomic issues and work towards enhancing the resilience of critical supply chains in collaboration with global partners.
This diplomatic mission underscores the U.S. commitment to a unified international response against Russian aggression and the ongoing support for Ukraine's sovereignty.