Russia sanctions are degrading its military, says US Treasury Deputy Secretary

American and allied sanctions and export controls are constraining Russias ability to wage war on Ukraine by degrading thousands of pieces of military equipment on the battlefield a top Treasury Department official saysTreasury Deputy Secretary Wally Adeyemo says in prepared remarks that as the war on Ukraine nears the oneyear mark US sanctions are proving to mount military losses as intended on the Kremlin and its military machineAdeyemo is set to deliver the speech Tuesday at the Council on Foreign Relations in Washington The financial penalties imposed by the US and its allies have degraded Russias ability to replace more than 9000 pieces of military equipment lost since the start of the war Adeyemo says in the prepared remarks adding Russia has also lost up to 5037 of its tanksMore than 30 countries including the US the EU nations the United Kingdom Canada Australia Japan and others representing more than half the worlds 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 transactionsWhile we have far more to do we are succeeding in reversing the course of Russias budget and undercutting its militaryindustrial complex Adeyemo saysAdeyemos defence of sanctions effectiveness follows President Joe Bidens unannounced visit to Ukraine on Monday to meet with President Volodymyr Zelenskyy before the Friday anniversary of the Russian invasionAlso read Putin lashes out at West defends Ukraine invasion in major speechOne year later Kyiv stands Biden said after meeting Zelenskyy at Mariinsky Palace And Ukraine stands Democracy stands The Americans stand with you and the world stands with youAs the invasion enters its second year the US will intensify its efforts to boost sanctions Adeyemo says in the prepared remarks including cracking down on sanctions evasion and putting economic pressure on countries and firms that continue to do business with RussiaHe acknowledges recent reports that Russias economy is performing better than expected This year its economy is projected to outperform the UKs growing 0337 while the UK faces a 0637 contraction according to the International Monetary FundWhile Russias economic data appears to be better than many expected early in the conflict Adeyemo says 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 machineThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever