Congressman Brad Sherman

Representing the 30th District of CALIFORNIA

Biden Russia Sanctions parallel Sherman’s Proposal from 2019

  

Apr 15, 2021
Press Release
The imposition of Sovereign Debt Sanctions is the most significant step taken by the U.S. to hold Russia accountable

Washington, D.C. – Congressman Brad Sherman (D-CA) applauded the decision by President Biden today to impose new sanctions against Russia, policy which closely parallels legislation advanced by Congressman Sherman and Chairwoman Maxine Waters (D-CA) starting in 2019. This action by the President makes clear that the United States will act firmly and forcefully to hold Russia accountable for its aggression against the United States and other nations.

On July 11, 2019, the House approved an amendment offered by Congressman Sherman and Chair Waters to the National Defense Authorization Act for 2020 to impose immediate sanctions on Russia, prohibiting Americans from purchasing or trading in all new Russian sovereign debt in response to Russian interference in the 2016 presidential election.

On October 1, 2020, Sherman and Waters jointly introduced legislation, the Safeguarding Elections by Countering Unchallenged Russian Efforts (SECURE) Act, to require sanctions be imposed to prohibit Americans from purchasing all newly issued Russian sovereign debt in response to Russian interference in the 2016, 2018, and 2020 U.S. elections. On October 19, 2020, The Hill published and op-ed by Sherman explaining the need and justification for the SECURE Act and sanctions on Russian sovereign debt.

On March 10, 2021, during a House Foreign Affairs Committee hearing, Sherman recommended to Secretary of State Antony Blinken that the Biden Administration be more forceful in sanctioning Russian sovereign debt under the Chemical and Biological Weapons Act. 

“I’m encouraged to see the Biden administration adopting many of the proposals I’ve outlined since last year and that they are signaling to Moscow that they will face consequences for its destructive and destabilizing behavior,” said Congressman Sherman. “These measures will serve to further toughen our response.”

“Thus far, increasing Russia’s borrowing costs is the most significant action the U.S. has taken in response to Russia’s meddling in our elections, aggression against Ukraine, use of chemical weapons and other destabilizing and outrageous actions,” Sherman continued. “We need to make it clear to the Russians that they will face even more economic consequences should they escalate the situation in eastern Ukraine.”

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