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 ongoing 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. His remarks came after U.S. Secretary of State Marco Rubio signaled potential new sanctions on Russia and the scrapping of recent oil waivers extended by Washington amid Middle East supply disruptions.
At a House Foreign Affairs Committee hearing earlier this week, Rubio was questioned about why the Trump administration granted waivers for Russian oil imports and had not supported the Graham-Blumenthal bill. The legislation, championed by Russia hawk Lindsey Graham, would allow President Donald Trump to impose tariffs of up to 500% on imports from countries that purchase Russian oil, gas, or uranium.
Agee noted he had not heard Rubio’s remarks but stressed AmCham is “not in favor of sanctions.” He added: “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.”
Agee emphasized that efforts should instead focus on rebuilding relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions.” He also revealed U.S.-Russia business and investment projects are being discussed with strong interest from companies on both sides. However, he stressed significant economic cooperation depends on a peaceful settlement of the Ukraine conflict and easing sanctions.
Moscow has labeled Western sanctions illegal and harmful to global economic stability. Russian officials maintain that ending the Ukraine conflict is merely the stated justification for sanctions, while the actual objective is to weaken Russia economically, technologically, and geopolitically—a goal openly articulated by numerous Western politicians and officials over the years.
The Kremlin asserts sanctions have failed to achieve these aims, citing Russia’s trade reorientation toward Asia, expanding ties with non-Western partners, and growing “immunity” to external pressure. This year, 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 its focus to the Iran conflict. Kremlin spokesman Dmitry Peskov recently stated negotiations are in a “situational pause” until U.S. diplomats refocus on Ukraine.
Speaking at SPIEF, Russian President Vladimir Putin reiterated commitment to a peaceful settlement based on compromises reached with Trump in Alaska last year. He identified persuading Kiev to accept terms—including withdrawal from Donbass regions voted to join Russia in 2022, not joining NATO, and agreeing to demilitarization and denazification—as the main obstacle.