Treasury Official Says "Avoid Unnecessary Derisking"

Treasury Under Secretary Brian Nelson addressed a group of business leaders at the American Chamber of Commerce Austria Roundtable today, highlighting the success of the sanctions and export controls.  He assured the audience that business considerations were taken into the sanctions regime.

Mr. Nelson emphasized the importance of maintaining vigilance and increasing efforts to choke off Russia's access to key inputs for its military industries.

Mr. Nelson acknowledged concerns about the impact of sanctions on profits: “While we support increased scrutiny, we also want to ensure that jurisdictions are not subject to unnecessary de-risking, which could have significant unintended economic and financial consequences, especially in smaller jurisdictions.”