US Treasury official warns of more ‘economic pain’ on Russia

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Washington, Aug 22 (IANS) US Under Secretary of Treasury Sigal Mandelker has said Washington will impose “much more economic pain” to Russia if it does not change its global behaviours significantly.

Speaking on Tuesday before the US Senate Committee on Banking, Housing, and Urban Affairs, Mandelker said, “Though Russia’s malign activities continue, we believe its adventurism undoubtedly has been checked by the knowledge that we can bring much more economic pain to bear using our powerful range of authorities – and that we will not hesitate to do so if its conduct does not demonstrably and significantly change,” Xinhua reported.

She said the Treasury’s actions have caused “extensive consequences” in Russia in such areas as domestic and foreign private investment, energy and money laundering.

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“The significance of our actions and other financial measures must ultimately be measured in terms of their strategic impacts,” she added.

Earlier on Tuesday, the Treasury announced to sanction several Russia-related individuals and entities over their involvement in actions against the US sanctions.

The US State Department said earlier this month that the country will impose new sanctions on Russia in two phases, and the first batch will take effect around August 22.

Russia and the US have been waging sanctions against each other as bilateral relations continue to worsen over recent years.

Moscow has repeatedly said that it reserves the right to take additional countermeasures against US diplomatic properties in Russia if Washington continues hostility.

–IANS

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