February 24, 2022

Toomey Calls for Tougher Sanctions on Russia

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement calling on the Biden administration to impose tougher sanctions on Russia.

“While the sanctions announced today are a small step in the right direction, I fear they will be inadequate to deter Putin from further aggression. By failing to impose significant sanctions on the Russian oil and gas industry, which accounts for the majority of all Russian exports, the administration is intentionally leaving the biggest industry in Russia’s economy virtually untouched. The sanctions imposed on Russian banks, while welcome, may not isolate the Russian financial system from international activity. That’s why the U.S. should impose crippling sanctions on Russia’s oil and gas sector and Iran-style secondary sanctions on Russian banks that force the world to choose between doing business with Russia or the United States.”

“Meanwhile, it’s imperative that the U.S. step up its efforts to aid and equip Ukrainian freedom fighters. This includes supplying them with weapons, logistics support, and intelligence. Now is the time for the U.S. and our allies to send a strong message to the world: We stand with the Ukrainian people.”