(MENAFN) US Treasury Deputy Secretary Wally Adeyemo stated that the Russian economy carries on to “deteriorate” due to western restrictions on Moscow after its conflict versus Ukraine.
“One year on, our economic tools are constraining the Kremlin,” Adeyemo stated that Tuesday at the Council on Foreign Relations.
“Our sanctions and export controls –implemented in partnership with the Department of Commerce — have degraded Russia’s ability to replace more than 9,000 pieces of military equipment lost since the start of the war, forced production shutdowns at key defense facilities and caused shortages of essential components for tanks and aircraft production,” he added.
Adeyemo asserted that the US’ shipment controls and restrictions are going to carry on to stop Russia from accessing the equipment required to make up for its losses, whereas the restrictions are going to make it difficult for the Kremlin to utilize the left resources that it can access to compensate for the arms it requires.
“While Russia’s economic data appears to be better than many expected early in the conflict, our actions are forcing the Kremlin to use its limited resources to prop up their economy at a time where they would rather be investing every dollar in their war machine,” he continued.
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