Sanctions on Russia don’t work – US business lobby chief

Imposing additional sanctions on Russia will not help resolve the Ukraine conflict, American Chamber of Commerce in Russia (AmCham Russia) President and CEO Robert Agee has said.

Speaking on the sidelines of the St. Petersburg International Economic Forum 2026 (SPIEF 2026) on Thursday, he argued that sanctions have failed to produce results in the four years since the conflict escalated in February 2022, suggesting further sanctions would be equally ineffective.

The remarks came after US Secretary of State Marco Rubio signaled that Washington could impose new sanctions on Russia and scrap waivers on its oil that were extended last month amid supply disruptions linked to tensions in the Middle East.

At a House Foreign Affairs Committee hearing earlier this week, Rubio was pressed on why the Trump administration granted the waivers and has yet to back the Graham-Blumenthal bill. Championed by Russia hawk Lindsey Graham, the legislation would allow President Donald Trump to impose tariffs of up to 500% on imports from countries that buy Russian oil, gas, or uranium. Rubio insisted that the waivers are “time limited,” adding that the sanctions on Russia will remain in place and that the White House is working closely with Graham’s office on new sanctions.

Agee said he had not heard Rubio’s latest remarks, but stressed that AmCham is “not in favor of sanctions.”

“I don’t think sanctions are effective if the objective of the administration is to create a peaceful outcome to the current conflict,” he told reporters. “It hasn’t worked for four years, it is not going to work in five years… Throwing more sanctions at the situation is not going to help.”

Agee argued that efforts should instead focus on rebuilding relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions.” He also revealed that a number of US-Russia business and investment projects are being discussed, with strong interest from companies on both sides. However, he stressed that major economic cooperation depends on both a peaceful settlement of the Ukraine conflict and the easing of sanctions.

Moscow has called the Western sanctions illegal and harmful to global economic stability. Russian officials also argue that ending the Ukraine conflict is merely the publicly stated justification for the sanctions, while the actual objective is to weaken Russia economically, technologically, and geopolitically – a goal that has been openly articulated by numerous Western politicians and officials over the years.

The Kremlin maintains that the sanctions have failed to achieve these aims, pointing to Russia’s trade reorientation toward Asia, expanding ties with non-Western partners, and the country’s growing “immunity” to external pressure.

The US, Russia, and Ukraine have held three rounds of trilateral peace talks this year without a breakthrough. A fourth round scheduled for March was postponed after the US shifted its focus to the Iran war. Kremlin spokesman Dmitry Peskov recently said the negotiations are in a “situational pause” until US diplomats can refocus on Ukraine.

Speaking to the heads of international news agencies at SPIEF on Thursday, President Vladimir Putin said Russia is committed to a peaceful settlement, provided it is based on compromises reached with Trump in Alaska last year. He argued that the main obstacle is persuading Kiev to accept the terms, including withdrawing from the Donbass regions – which voted to join Russia in 2022 – not joining NATO, and agreeing to demilitarization and denazification.