The Minister of Finance in a Meeting with the Deputy Secretary of the US Treasury: "We Must Prevent Sanctions’ Circumvention"
Minister of Finance Gintarė Skaistė during her visit to Washington, in a meeting with the Deputy Secretary of the Treasury Department of the United States of America, Wally Adeyemo, noted the need to expand sanctions on both Russia and Belarus and to prevent sanctions’ circumvention.
"Together with our Western partners, we must continue to strengthen sanctions against the aggressors Russia and Belarus and take care of their effective practical implementation. In this regard, it is extremely important to prevent sanctions circumvention channels through third countries, using available financial and economic leverage. When expanding the sanctions regime, it is necessary to focus on solutions that reduce russia's budget revenue and limit the possibilities of financing the war against Ukraine," noted Finance Minister G. Skaistė.
At the meeting, the Minister also emphasized the need to mobilize sufficient support for rebuilding of Ukraine and to find ways to use frozen russian assets.
"We must not tire and, together with international partners, mobilize the necessary financial resources for Ukraine, which is fighting for independence for the second year. Considering the USD 411 billion damage by russian war in Ukraine, mobilizing funds remains a critical challenge. At the same time, thinking about both the critical needs of Ukraine's energy and infrastructure management, which will amount to USD 14 billion this year, and the long-term reconstruction of the country, it is necessary to find ways to use the frozen assets of Russia and ensure the implementation of the "aggressor pays" principle. While the legal issues are being resolved, a temporary alternative could be the active administration of the frozen assets in order to obtain an investment return and allocate it to Ukraine," noted Minister of Finance G. Skaistė.
It is estimated that Russia's frozen assets comprise about USD 300 billion in central bank reserves and USD 50 billion in the assets of sanctioned companies and individuals.
Deputy Secretary of the US Treasury Wally Adeyemo serves as the Treasury Department’s number two official and chief operating officer. He has taken a leading role in Treasury’s national security, economic inequality, and pandemic-related economic recovery work.
Last updated: 15-04-2023
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