Deputy Treasury Secretary Wally Adeyemo says global companies have a choice to make between doing business in Russia or Western allied nations.
The U.S. and its allies are planning additional sanctions against Russia over its invasion of Ukraine, singling out industries integral to Moscow’s war effort, Adeyemo said in a speech Tuesday in London. He didn’t reveal specific details of the sanctions.
Adeyemo, the Treasury’s No. 2 official, is on a weeklong trip to Europe to coordinate the allies’ next move. In an interview with BBC, he said firms can "choose to help Russia" or "continue to do business with the 30 countries" that have imposed sanctions.
Many Western companies have closed their operations or withdrawn their services from Russia. Sanctions have made trading difficult or impossible for some firms, while others have decided to leave for moral reasons.
However, some well-known brands, such as Marks & Spencer and Burger King, continue to do business in Russia and have no power to leave due to their brands being run by franchisees in the country.
Asked about Chinese and Indian firms filling gaps left by Western companies in Russia, Adeyemo said the U.S. would "take action against" anyone helping Moscow evade sanctions.
He also warned Russian oligarchs: "We're going to come for your resources."
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