The Treasury Department is concerned that imposing new sanctions on Russia could hurt the American economy, Bloomberg reported Friday. In a report given to members of Congress this week, the Treasury reportedly argues that Russia is so entrenched in the global economy that sanctions on "[Russian] debt and derivatives could destabilize financial markets," which would negatively affect the U.S. economy.
The sanctions, which are vehemently opposed by the Russian government, could also "lead to Russian retaliation against U.S. interests," the Treasury warns.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
-
How will Wall Street react to the Trump-Powell showdown?Today's Big Question 'Market turmoil' seems likely
-
Google ruled a monopoly over ad tech dominanceSpeed Read Attorney General Pam Bondi hailed the ruling as a 'landmark victory in the ongoing fight to stop Google from monopolizing the digital public square'
-
El Salvador's CECOT prison becomes Washington's go-to destinationIN THE SPOTLIGHT Republicans and Democrats alike are clamoring for access to the Trump administration's extrajudicial deportation camp — for very different reasons
-
Markets notch worst quarter in years as new tariffs loomSpeed Read The S&P 500 is on track for its worst month since 2022 as investors brace for Trump's tariffs
-
Tesla Cybertrucks recalled over dislodging panelsSpeed Read Almost every Cybertruck in the US has been recalled over a stainless steel panel that could fall off
-
Crafting emporium Joann is going out of businessSpeed Read The 82-year-old fabric and crafts store will be closing all 800 of its stores
-
Trump's China tariffs start after Canada, Mexico pausesSpeed Read The president paused his tariffs on America's closest neighbors after speaking to their leaders, but his import tax on Chinese goods has taken effect
-
Chinese AI chatbot's rise slams US tech stocksSpeed Read The sudden popularity of a new AI chatbot from Chinese startup DeepSeek has sent U.S. tech stocks tumbling
-
US port strike averted with tentative labor dealSpeed Read The strike could have shut down major ports from Texas to Maine
-
Biden expected to block Japanese bid for US SteelSpeed Read The president is blocking the $14 billion acquisition of U.S. Steel by Japan's Nippon Steel, citing national security concerns
-
Judges block $25B Kroger-Albertsons mergerSpeed Read The proposed merger between the supermarket giants was stalled when judges overseeing two separate cases blocked the deal
