The US Deputy Secretary of the Treasury warned that Washington will not be afraid to punish Chinese companies that support Russia’s attack on Ukraine.
According to the informants, Vali Adimo, deputy secretary of the treasury, stated at a conference: US officials went directly to Chinese companies and financial institutions and made it clear to them that we were ready to punish these companies if they provided material support to them. Russia.
On the eve of a speech at the Council on Foreign Relations, which will emphasize the US approach to isolating the Russian economy a year after the attack on Ukraine, Adimo said: Chinese companies must choose between operating in our allied countries, which make up 50% of the global economy, and doing business with Russia, which is becoming more isolated every day.
These sanctions have had a devastating effect on Russian gas exports and imports of technology goods, but they have not seriously impaired Putin’s ability to continue the war. The United States will pressure countries that help Russia circumvent sanctions by ignoring them or facilitating exports through other countries.
According to prepared remarks, Adimo will say that we are seeing worrying patterns in many countries, including Russia’s neighbors, as the Kremlin deepens its financial and trade ties after closing other markets. The United States is contacting banks and companies to warn them that they are at risk of having their access to the financial systems of the United States and its partners cut off.
Ademo’s statement reflects the challenge the United States faces in trying to convince some of the world’s major economies, such as China, Brazil, Indonesia and India, not to cooperate with Russia despite the West’s argument that Russia violated Ukraine’s sovereignty and committed war. Crimes in this country you face.
Although Ademo concedes that the Russian economy is doing better than expected, he will say that a price cap on Russia’s energy exports will strain the country’s financial system, according to a previously published transcript.
According to the text of Adimo’s speech, Russia has lost more than 900,000 pieces of military equipment during the war and plans to replace them. Also, 40% of the chips that Russia receives from China are faulty.
According to a Bloomberg report, Adimo is expected to say that US export controls and sanctions will continue to prevent Russia from accessing the equipment needed to make up for these losses. US sanctions make it more difficult to use the remaining resources that Russia has access to to pay for the weapons it needs.
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