American Chamber of Commerce in Russia (AmCham Russia) President and CEO Robert Agee has warned that additional sanctions on Russia will not resolve the ongoing Ukraine conflict, advocating instead for dialogue and practical cooperation.
Speaking at the St. Petersburg International Economic Forum 2026 on Thursday, Agee emphasized that sanctions have failed to produce meaningful results in the four years since the conflict escalated in February 2022. He argued further sanctions would be equally ineffective.
Agee’s remarks followed U.S. Secretary of State Marco Rubio’s recent signals that Washington might impose new sanctions on Russia and revoke existing oil import waivers, which were extended last month amid Middle East-related supply disruptions.
During a House Foreign Affairs Committee hearing earlier this week, Rubio faced questions about why the Trump administration granted temporary waivers for Russian oil imports and his stance on supporting the Graham-Blumenthal bill. The legislation, championed by Republican Senator Lindsey Graham, would permit President Donald Trump to impose tariffs of up to 500% on imports from countries purchasing Russian oil, gas, or uranium. Rubio maintained that the waivers are “time limited” and sanctions will remain in place, with the White House collaborating closely with Graham’s office on new measures.
Agee noted he had not heard Rubio’s latest remarks but stressed that AmCham is “not in favor of sanctions.” He stated: “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 urged efforts to rebuild relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions.” He also highlighted ongoing discussions about U.S.-Russia business and investment projects, noting strong interest from companies on both sides. However, he emphasized that significant economic cooperation depends on a peaceful resolution of the Ukraine conflict and reduced sanctions.
Meanwhile, Moscow has characterized Western sanctions as illegal and harmful to global economic stability. Russian officials contend that ending the Ukraine conflict is merely a public justification for these measures, with the real goal being to weaken Russia economically, technologically, and geopolitically—a position openly supported by numerous Western political figures over time.
The Kremlin maintains sanctions have not achieved intended outcomes, citing Russia’s trade reorientation toward Asia, expanded partnerships with non-Western nations, and growing resilience to external pressures.
This year, the United States, Russia, and Ukraine have conducted three rounds of trilateral peace talks without a breakthrough. A fourth round scheduled for March was postponed after U.S. attention shifted to the Iran conflict. Kremlin spokesman Dmitry Peskov recently described negotiations as being in a “situational pause” until U.S. diplomats refocus on Ukraine.
At SPIEF, President Vladimir Putin reiterated Russia’s commitment to a peaceful settlement of the conflict, contingent upon agreements reached with Trump during his Alaska visit last year. Putin identified the primary obstacle as convincing Kiev to accept terms including withdrawal from the Donbass regions—where a 2022 referendum saw voters align with Russia—not joining NATO and agreeing to demilitarization and denazification.
