Lew Says U.S. Prepared to Impose More Sanctions on Russia

U.S. Tres. Sec. Jacob Lew & Ukraine's Fin Min Oleksandr Shlapak
Jacob Lew, U.S. Treasury secretary, left, speaks during a signing ceremony with Oleksandr Shlapak, Ukraine's finance minister, right, at the U.S. Treasury in Washington, D.C., on April 14, 2014. Photographer: Andrew Harrer/Bloomberg

The U.S. is prepared to slap more sanctions on Russia over its incursion into Ukraine, Treasury Secretary Jacob J. Lew said today when signing a $1 billion loan guarantee for Ukraine.

“Working with our allies, we are fully prepared to impose additional significant sanctions on Russia as it continues to escalate the situation in Ukraine, including apparently through support to a concerted campaign by armed militants in eastern Ukraine,” he said.

Lew signed a $1 billion guarantee that will help Ukraine reduce the cost of debt financing. U.S. aid accompanies assistance from the International Monetary Fund, which is negotiating with Ukraine for as much as $18 billion in loans over two years.

The negotiations are “practically” over, and Ukraine expects a final IMF board decision on the deal “in the near future,” Ukrainian Finance Minister Oleksandr Shlapak said today in Washington.

He previously said Ukraine needs about $30 billion through 2015 to “balance the situation.”

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