US Treasury’s no. 2 official says Russia sanctions ‘at the ready’

Deputy Treasury Secretary Wally Adeyemo said the U.S. and its European allies have economic sanctions “at the ready” in case Russian troops invade Ukraine.

“We have a carefully designed set of sanctions that would have a significant impact on the Russian economy and mitigate the impact it would have here in the United States,” Adeyemo said Tuesday in an interview with Bloomberg Television.

Asked whether he’d support expelling Russia from the Swift system of international payments, Adeyemo said “All options are on the table.”  

The White House said Monday it was putting as many as 8,500 troops on heightened alert for deployment to bolster NATO forces in Eastern Europe. Russia has massed thousands of troops, tanks and equipment near Ukraine’s eastern border, and the U.S. and its allies say it could be preparing for military action. Moscow has denied it intends to invade.

Adeyemo said the U.S. sanctions preparations included “dozens of calls” with European officials to ensure the U.S. and European governments are on the same page. 

Actions under consideration, he said, would be “far more significant” than steps taken following Russia’s 2014 invasion of Crimea.

Adeyemo underscored that the sanctions would be triggered if Russian troops entered Ukraine. Evidence has emerged that European governments are split over whether Russian actions short of a military attack on Ukraine should trigger sanctions.