The US Treasury Department has warned companies in China and other countries that they will be punished if they keep doing business with Russia in violation of US sanctions. In other words, the US is ready to impose sanctions against a big number of companies.
Deputy Treasury Secretary Wally Adeyemo said that the US authorities will ban the firms that refuse to stop their business with Russia. Notably, China is also suffering from such restrictions but in some cases, it has to obey the rules to defend its interests. While state corporations and banks are following the rules established by the US, commercial organizations stick to their stance and continue to deal with Russia.
“Officials will be going directly to Chinese companies or financial institutions, and making clear to them that we were prepared to put sanctions in place if they were to provide material support to Russia,” Wally Adeyemo said. He admitted that the Russian economy “fared better” than initially expected. However, a price cap on Russian energy is putting new pressure on the country’s financial system.
The Russian economy turned out to be extremely resilient. This could be a reason for the US to intensify pressure on China and other Russia’s neighbors. “The US is in touch with banks and companies to warn them that they risk being cut off from the US and its financial partners’ financial systems,” Adeyemo pinpointed.
