Treasury deputy: Russia sanctions degrading its military

and allied sanctions and export controls are constraining Russia’s ability to wage war on Ukraine by degrading

its military, a top Treasury Department official said Tuesday, adding that more sanctions will be imposed on the Kremlin in the coming days.

Treasury Deputy Secretary Wally Adeyemo said at the Council on Foreign Relations in Washington that as the war on Ukraine nears the one-year mark, U.S. sanctions are effectively resulting in military losses for Russia by straining its military

machine.

Russia is the world’s second-largest arms producer after the United States, but Adeyemo asserted that “today, Russia can’t produce enough arms to meet their basic needs and to be a supplier to the countries that rely on them.”

The financial penalties imposed by the U.S. and its allies “have degraded Russia’s ability to replace more than 9,000 pieces of military

equipment lost since the start of the war,” he said, adding, “Russia has also lost up to 50% of its tanks.”

More than 30 countries, including the U.S., the EU nations, the United Kingdom, Canada, Australia, Japan and others — representing more than half the world’s economy — have imposed price caps on Russian oil and diesel, instituted export controls, frozen

Russian Central Bank funds and restricted access to SWIFT, the dominant system for global financial transactions.

Adeyemo said the U.S. plans to announce additional sanctions on Russia this week targeting its military manufacturing industry. President Joe Biden reiterated the need for additional sanctions in a speech Tuesday in Poland.