Key facts
- American Chamber of Commerce in Russia President Robert Agee stated sanctions are ineffective.
- Agee advocated for dialogue and cooperation over further sanctions.
- He noted that sanctions have not produced results in four years.
- US Secretary of State Marco Rubio signaled potential new sanctions on Russia.
- The US, Russia, and Ukraine have held three rounds of peace talks without breakthrough.
Robert Agee, President and CEO of the American Chamber of Commerce in Russia, 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 in the four years since the conflict escalated in February 2022 and that further sanctions would be equally ineffective. His remarks followed signals from US Secretary of State Marco Rubio that Washington might impose new sanctions and scrap oil waivers. Rubio insisted that waivers are 'time limited' and that the White House is working on new sanctions, potentially including tariffs of up to 500% on imports from countries buying Russian oil, gas, or uranium, as proposed by legislation championed by Senator Lindsey Graham. Agee stressed that AmCham is 'not in favor of sanctions' and believes they are ineffective if the objective is a peaceful outcome. He advocated for rebuilding relations through dialogue and practical cooperation, noting that US-Russia business and investment projects are being discussed, but major economic cooperation depends on a peaceful settlement and easing of sanctions. Moscow views Western sanctions as illegal and harmful, arguing their true aim is to weaken Russia. The Kremlin claims sanctions have failed, citing Russia's trade reorientation toward Asia and growing 'immunity' to external pressure. The US, Russia, and Ukraine have held three rounds of peace talks this year without success, with a fourth round postponed. Russian President Vladimir Putin stated Russia is committed to a peaceful settlement based on compromises, but faces obstacles in persuading Kiev to accept terms including withdrawal from Donbass regions, not joining NATO, and agreeing to demilitarization and denazification.