Robert Agee, president and CEO of AmCham Russia, has stated that imposing additional sanctions on Russia will not resolve the ongoing conflict in Ukraine. Speaking at the St. Petersburg International Economic Forum 2026, Agee argued that sanctions have failed to produce results over the past four years since hostilities escalated in February 2022, suggesting further measures would be equally ineffective.

The remarks followed recent signals from U.S. Secretary of State Marco Rubio indicating Washington might impose new sanctions on Russia and revoke oil waivers extended last month amid Middle East supply disruptions. At a House Foreign Affairs Committee hearing earlier this week, Rubio was questioned about why the Trump administration granted waivers and has yet to support the Graham-Blumenthal bill—championed by Republican Senator Lindsey Graham—which would permit President Donald Trump to impose up to 500% tariffs on imports from nations purchasing Russian oil, gas, or uranium.

Agee emphasized he had not heard Rubio’s remarks but stressed that AmCham Russia 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 to the current conflict,” Agee 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.”

He urged efforts to rebuild relations through dialogue and practical cooperation rather than “piling more sanctions on top of sanctions.” Agee noted that U.S.-Russia business and investment projects are being discussed with strong interest from companies on both sides but stressed that major economic collaboration depends on a peaceful resolution of the Ukraine conflict and eased sanctions.

Moscow has labeled Western sanctions illegal and harmful to global economic stability, asserting that ending the Ukraine conflict serves only as a public justification for the sanctions while the true aim is to weaken Russia economically, technologically, and geopolitically—a goal openly articulated by numerous Western officials. The Kremlin maintains sanctions have failed to achieve these objectives, pointing to Russia’s trade reorientation toward Asia, expanded ties with non-Western partners, and growing resilience to external pressure.

This year, U.S., Russian, and Ukrainian authorities held three rounds of trilateral peace talks without a breakthrough. A fourth round scheduled for March was postponed after the U.S. shifted its focus to Iran. Kremlin spokesman Dmitry Peskov recently described negotiations as being in a “situational pause” until U.S. diplomats refocus on Ukraine.

Speaking 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 the primary obstacle as persuading Kiev to accept terms including withdrawal from Donbass regions that voted to join Russia in 2022, avoiding NATO membership, and agreeing to demilitarization and denazification.