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March 01, 2022 at 04:43 PM
Senate Finance Committee Chairman Ron Wyden, D-Ore., on Tuesday called for lawmakers to enact six economic actions beyond the current sanctions to ensure that Russian President Vladimir Putin pays “for his actions” after attacking Ukraine.
“The key to holding Vladimir Putin accountable for his unprovoked invasion of Ukraine is following the money, and rooting out billions in illicit assets stashed around the world by Putin and his cronies,” Wyden said in a statement.
While the Treasury Department “has done a remarkable job to implement tough sanctions, there are several key areas Congress needs to address and should support,” Wyden said.
Wyden says these six areas deserve Congress’ — as well as regulators’ — attention.
1. Support the IRS Criminal Investigations Unit.
Congress “needs to give these experts the resources they need for these highly complex investigations,” he said. The Senate Finance Committee is also “taking a hard look at loopholes and preferences in our tax system that allow Putin’s oligarchs to hide assets and avoid taxes on the assets they’ve stashed in the United States.”
2. Ensure that tariff treatment of Russia reflects its ‘pariah status.’
Permanent normal trade relations are extended to countries as they join the World Trade Organization and agree to abide by rules that ensure a level playing field in international trade, he said. “Removing normal trade relations will raise tariffs on Russian goods and send a message that unprovoked invasions of a foreign nation will not be tolerated in any arena.”
