Treasury Secretary Steve Mnuchin told the Senate Finance Committee today that the Trump administration is planning to implement new sanctions against Russia for meddling in the 2016 election. “We are actively working on Russia sanctions coming out of the classified briefing. I can assure you those sanctions are coming. We are working on them as we speak,” Mnuchin said.
Mnuchin was pressed by Democrats on the lack of new sanctions by the administration during the hearing.
Congress passed a bill last July requiring the imposition of new sanctions against individuals and businesses doing significant business with Russia’s defense and intelligence industries. The deadline for the new sanctions was last month. The White House informed Congress at that time that it would forgo new sanctions.
A clause in the bill allows the administration to decline new sanctions if it notifies Congress that potential targets are “substantially reducing” their business with the related sectors. The administration essentially did that, saying sanctions are unnecessary as the authorization of new sanctions by Congress is already having the desired effect.
The next deadline for the imposing of sanctions against Russia by the administration would be late July. It’s unclear whether the sanctions Mnuchin alluded to would come at that time or before.