19:03 16/03/2016 US Secretary of Treasury deems sanctions against Russia very efficient

US Secretary of the Treasury Jack Lew announced that the sanctions imposed on Russia are efficient as they harm the Russian economy. Secretary Lew’s comments came at the hearing of the U.S. House Committee on Appropriations. The video recording is posted on the website of the House.

According to Jack Lew, the US planned sanctions so as to minimize collateral effects and aim them at the people closest to the decision-making process. The U.S. Secretary of the Treasury deemed sanctions to be very efficient.

Jack Lew added that it was hard to make accurate assessment of the impact caused by sanctions, but given the rapid oil prices plunge; many factors were harming the Russian economy at once.

Jack Lew then stressed that the Russian economy was in far worse shape than it would be if sanctions did not work. He said that the sanctions caused considerable damage to Russian economy. 

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