The US Treasury Department Appoints Acting Senior Sanctions Official
The US Treasury Department has appointed Brad Smith as the acting Under Secretary for Terrorism and Financial Intelligence. This role involves overseeing the department’s sanctions policy, an essential tool in US foreign policy. Smith’s appointment is significant as it coincides with efforts to increase pressure on Russia following the 2022 invasion of Ukraine and maintain stringent measures against countries like Iran.
Smith will be taking over the position on an acting basis after the departure of Brian Nelson, who left to work on Vice President Kamala Harris’ presidential campaign. Smith’s focus will include degrading Russia’s military capabilities in Ukraine, cutting off financial support to Iran and its allies, combating the illegal flow of fentanyl into the US, and implementing regulatory initiatives.
Having previously served as the director of the Treasury’s Office of Foreign Assets Control, Smith has been involved in imposing sanctions on Russia during President Joe Biden’s administration. These sanctions targeted Russian banks, oligarchs, President Vladimir Putin, and entities in other countries like China and Turkey. The Biden administration has also intensified counter-narcotics efforts and sought to update the use of sanctions as a policy tool.
The appointment of Brad Smith signals a strategic shift in the approach to sanctions and underlines the importance the US places on using economic measures to address foreign policy challenges.
Source: https://money.usnews.com/investing/news/articles/2024-08-02/us-treasury-names-acting-senior-sanctions-official
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