Russia’s efforts to prop up the ruble will eventually “deplete” its resources to fight the war in Ukraine, US Deputy Treasury Secretary Wally Adeyemo told CNN.
“We’ve worked with our European allies and partners to level a set of devastating sanctions against the Russian economy and what they’ve done because of our sanctions is they’ve taken the money that they’re earning from selling things abroad and they’re forcing those exporters to take that money and to bring it back to Russia and to buy Rubles,” Adeyemo said.
“Every time they take a dollar or a euro and bring it back to Russia and they force their companies to buy rubles, it’s depleting their resources they will have to fight the war.”
Adeyemo wouldn’t directly answer whether Europe should stop buying gas from Russia, saying that Europe has a “commitment to removing themselves from Russian energy and that’s what they started to do” citing the ban of Russian coal Wednesday.
The treasury is now focused on making sure they stop sanctions evasion and going after the “Russian war machines,” including its aerospace and military industries, Adeyemo added.
“The key thing for us is to make sure that we do this in a way that hurts the Russian economy more than it hurts our economy,” he said.