US Business Lobby Head Says Sanctions on Russia Have Failed to Deliver Results
According to reports, Agee made the remarks on the sidelines of the St. Petersburg International Economic Forum 2026, arguing that restrictive measures introduced since 2022 have not achieved their intended political outcomes and that further sanctions would similarly be ineffective.
His comments came amid renewed debate in Washington over possible new sanctions targeting Russia. US Secretary of State Marco Rubio has indicated that additional restrictive measures could be considered, including changes to existing waivers related to Russian energy exports. These discussions are taking place alongside congressional efforts to advance legislation that would expand secondary sanctions on countries purchasing Russian oil, gas, and uranium.
According to reports, the proposed measures under discussion in Congress would give the US administration authority to impose significant tariffs on imports from nations continuing energy trade with Russia. Administration officials, however, have described existing waivers as temporary and reiterated that sanctions remain in force while policy options are still being evaluated.
Agee said that the American Chamber of Commerce does not support sanctions as an effective policy tool, arguing that they have not contributed to a resolution of the conflict. He suggested that continued escalation of restrictive measures is unlikely to change outcomes and emphasized that dialogue would be a more constructive approach.
He also called for renewed engagement and practical cooperation rather than additional layers of economic restrictions.
According to reports, some business discussions between US and Russian entities are still taking place, although participants acknowledge that any significant economic cooperation would depend on progress toward a political settlement and a reduction in sanctions.
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