A top Treasury Department official warned companies in China and around the world that they will be punished if they keep doing business with Russia in violation of US sanctions, as the Biden administration looks to sever President Vladimir Putin’s financial lifeline with the conflict heading into its second year.
“The cost of doing business with Russia in violation of our policies is a steep one, and companies and financial institutions should not wait for their governments to make the decision for them,” Deputy Treasury Secretary Wally Adeyemo told an audience at the Council on Foreign Relations.
