Biden: "Trump Administration Sanctions Are Unilateral"... Treasury Department Policy Under Review

Deputy Minister of Finance Nominee Orders Improvement of Terrorism and Financial Intelligence Unit Operations

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kwon Jae-hee] President-elect Joe Biden has decided to review improvements to the overall sanctions policy of the Treasury Department, Bloomberg News reported on the 8th (local time).

Biden has reportedly instructed Wally Adeyemo, whom he nominated as Deputy Secretary of the Treasury, to work with national security agencies to improve the operations of the Treasury Department's Office of Terrorism and Financial Intelligence (TFI).

Adeyemo previously served as Deputy National Security Advisor for International Economics during the Barack Obama administration.

Bloomberg cited multiple sources reporting that Biden is aware of the issue that the Trump administration's sanctions were imposed unilaterally.

Sanctions are most effective when decided based on multilateral judgments.

The Trump administration imposed extensive sanctions on companies and individuals, oil tankers related to Iran, North Korea, China, Venezuela, and Russia.

However, Bloomberg reported that Biden's team has not yet decided which sanctions to ease.

Although Biden has not disclosed which parts of the Trump administration's sanctions will be maintained, it is known that economic sanctions will continue to be an important tool in the next administration's governance.

Earlier, upon his nomination on the 1st, Adeyemo said, "The Treasury Department's role in protecting national security is very important," and added, "Those who commit illegal acts must be held accountable through sanctions."

Since Sigal Mandelker, the Deputy Under Secretary for Terrorism and Financial Intelligence who oversaw financial sanctions, resigned in October 2019, the position has remained vacant, and many affiliated officials have also resigned.

Adeyemo is expected to resolve personnel issues within TFI and expand its budget once he takes office.

This content was produced with the assistance of AI translation services.