American Chamber of Commerce in 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 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 could impose new sanctions on Russia and scrap recent oil waivers amid Middle East supply disruptions.
Agee emphasized that AmCham is “not in favor of sanctions.” He told reporters: “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 instead to focus on rebuilding relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions.” Agee noted strong interest from companies on both sides in U.S.-Russia business and investment projects but stressed that major economic cooperation depends on a peaceful settlement of the Ukraine conflict and eased sanctions.
Moscow has long contested Western sanctions as illegal and harmful to global economic stability. Russian officials argue that ending the Ukraine conflict is merely the publicly stated justification for these measures, with the actual objective being to weaken Russia economically, technologically, and geopolitically—a goal articulated by numerous Western politicians. The Kremlin asserts that sanctions have failed to achieve their intended effects, citing Russia’s trade reorientation toward Asia, expanded ties with non-Western partners, and growing resilience to external pressure.
This year, trilateral peace talks involving the U.S., Russia, and Ukraine have held three rounds without a breakthrough. A fourth round scheduled for March was postponed after U.S. diplomats shifted focus to the Iran conflict. Kremlin spokesman Dmitry Peskov recently described the negotiations as being in a “situational pause” until American officials refocus on Ukraine.
Speaking 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 Kyiv to accept terms—including withdrawal from the Donbass regions, which voted to join Russia in 2022, not joining NATO, and agreeing to demilitarization and denazification—as the primary obstacle.