Sanctions Degrading Russia's Military: U.S. Treasury

American and allied sanctions and export controls are constraining Russia’s ability to wage war on Ukraine by degrading its military, a top Treasury Department official says, Fatima Hussein reported for the Associated Press (AP).

Photo Insert: Countries representing more than half the world’s economy have imposed price caps on Russian oil and diesel, instituted export controls, frozen Russian Central Bank funds and restricted access to SWIFT.

Treasury Deputy Secretary Wally Adeyemo says in prepared remarks that as the war on Ukraine nears the one-year mark US sanctions are proving to mount military losses as intended on the Kremlin and its military machine.

Adeyemo is set to deliver the speech Tuesday at the Council on Foreign Relations (CFR) in Washington.

The financial penalties imposed by the US and its allies “have degraded Russia’s ability to replace more than 9,000 pieces of military equipment lost since the start of the war,” Adeyemo says in the prepared remarks, adding, “Russia has also lost up to 50% of its tanks.”

More than 30 countries, including the US, the European Union (EU) nations, the United Kingdom, Canada, Australia, Japan and others — representing more than half the world’s economy — have imposed price caps on Russian oil and diesel, instituted export controls, frozen Russian Central Bank funds and restricted access to SWIFT, the dominant system for global financial transactions.

“While we have far more to do, we are succeeding in reversing the course of Russia’s budget and undercutting its military-industrial complex,” Adeyemo says.

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