LONDON (Reuters] – Washington and its allies are planning new sanctions to target Russia’s economic sectors that are crucial for supporting its invasion in Ukraine.

Adeyemo spoke in London as part of a European visit to discuss sanctions against Russia. He stated that the expansion of those efforts was intended to undermine “the Kremlin’s ability to operate its warmachine.”

Adeyemo spoke at Chatham House, a London-based thinktank. He said that in addition to sanctioning companies within sectors that allow the Kremlin’s malign activity, he also planned to take steps to disrupt their crucial supply chains.

“These are actions we will take in coordination with the more than 30 partners and allies that have joined our coalition in response to Russia’s invasion of Ukraine,” he added, without identifying specific sectors or companies.

Adeyemo stated that the sanctions imposed by Russia since February 24th included freezing Russian foreign currency assets and banning wealthy Russian elites from conducting hard currency transactions. Export restrictions on high-tech semiconductors have also been extremely successful, sending Russia into financial turmoil.

Sanctions have caused a decline in the Russian economy. The Kremlin has been left with less resources.

“Our allies and partners are committed to taking additional significant steps to constrain the Russian economy, for as long as Russia’s invasion continues,” Adeyemo said.

He explained that sanctions were a result of a multilateral effort as well as the strength and stability of an international financial and economic system, built in democratic countries following World War Two. This created institutions like the International Monetary Fund, World Bank, and precursor to the World Trade Organization.

He said that these institutions were responsible for creating international norms, values, and rules which set the foundation for years of prosperity. However, Russia rejected them in its invasion Ukraine.

Adeyemo stated, “Our multilateral reaction demonstrates that both the international financial market and the international financial sector are not open for those who fail to respect core principles such as territorial integrity and self determination.”

He said that Russian oligarchs are also subject to sanctions, as well as those who might try to hide assets.

Adeyemo indicated that it was necessary to reinforce the international system which gave rise the sanctions, as well as address food insecurity that resulted from conflict.

He said also that the international community must finalize the global minimal corporate tax agreement. This will allow the world to provide resources to help end the COVID-19 Pandemic.

Adeyemo said that the effectiveness of economic sanctions needs to be maintained. He suggested eliminating unilateral actions, ensuring they were tied to clearly defined policy objectives and being easily reversed once these have been met.