US Treasurys Adeyemo to discuss Russia sanctions on trip to London

Deputy U.S. Treasury Secretary Wally Adeyemo will travel to London Oct. 13-15 for discussions with senior British officials on further sanctioning Russia and harnessing frozen Russian assets, the Treasury Department said in a statement on Friday.

Adeyemo will meet with UK National Security Advisor Tim Barrow, Bank of England Governor Andrew Bailey, and Minister of State Stephen Doughty, Treasury said.

During his trip, Treasury said Adeyemo will underscore the close U.S.-UK relationship and the two countries’ coordination on geopolitical challenges, including strong support for Ukraine as it continues to battle Russia’s invasion of February 2022.

Adeyemo will also address joint work to harness the economic value of about $300 billion in Russian sovereign assets frozen by the West after Moscow’s invasion of Ukraine.

“In these conversations, Deputy Secretary Adeyemo will discuss further strengthening sanctions against Russia,” Treasury said, adding he would also discuss ways to cut off financial flows enabling Iran and its proxies’ activities.

Adeyemo also plans to discuss a shared approach by the Biden administration and the new Labour-led government under UK Prime Minister Keir Starmer to boost economic growth and lower costs through strategic investments in key industries like advanced manufacturing and clean energy, Treasury said. 

Treasury will share lessons learned during its implementation of huge private sector investment in future technology sectors under President Joe Biden’s signature Inflation Reduction Act, and other legislative initiatives.

It will be the first visit by a senior U.S. Treasury official to Britain following Starmer’s rise to power in July, although U.S. Treasury Secretary Janet Yellen met with his new Chancellor of the Exchequer Rachel Reeves in July on the sidelines of a Group of 20 finance officials meeting in Brazil.

Reuters