Photo: Wally Adeyemo
Manufacturers and distributors need to strengthen their compliance with sanctions related to Russia, Deputy Treasury Secretary Wally Adeyemo said in an interview with CNBC on Tuesday, June 4, according to the Voice of America.
American companies should, in particular, pay more attention to supply chains, preventing the possibility of becoming accomplices in the circumvention of sanctions imposed on Moscow by the Russian authorities, Adeyemo explained.
According to him, it is especially important for manufacturers of microelectronics and machine tools to strengthen their control over compliance sanctions to stop the supply of “dual-use” goods to Russia, including Chinese products.
Distributors should take similar measures, and financial institutions are advised to reconsider their relationships with small and medium-sized banks in “problem countries” as Moscow seeks new ways to circumvent American sanctions, the deputy secretary of the US Treasury said.
Asked whether American manufacturers and banks are complicit in Russia's efforts to circumvent sanctions, Adeyemo noted that business leaders are trying to comply, but that they must “pay more attention to their supply chains and the banks they work with.”
The deputy finance minister noted that without supplies of goods from China, including machine tools and engine parts, the Russian military-industrial complex “would grind to a halt.” China can have strong economic relations with Russia, but they should not include goods that can be used in military production, Adeyemo emphasized.
Prepared by: Sergey Daga