The US and its allies plan new sanctions on more sectors of Russia's economy that are critical to sustaining its invasion of Ukraine, including supply chains, deputy US treasury secretary Wally Adeyemo said on Tuesday.
Since the invasion began on February 24, western allies have frozen Russia's central bank's foreign currency assets, banned key Russian banks and wealthy elites from hard currency transactions and put restrictions on exports of advanced semiconductors and other technology.
He attributed the success of the sanctions to a strong multilateral effort and the strength of an international economic and financial system built by democratic countries at the end of World War 2, which created institutions including the International Monetary Fund, the World Bank and the precursor to the World Trade Organization.
However, he said it was not open to those that failed to respect the core principles of territorial integrity and self-determination, including Russian oligarchs targeted by sanctions and those who may attempt to help them hide their assets.
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