U.S. Bid to Cap Russian Oil Prices Draws Skepticism Over Enforcement

The maritime insurance industry says policing oil transactions is not workable, raising questions about enforcement of a buyers’ cartel.

#embargoes-and-sanctions, #europe, #european-union, #group-of-seven, #international-relations, #international-trade-and-world-market, #oil-petroleum-and-gasoline, #prices-fares-fees-and-rates, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-economy, #yellen-janet-l

How Joe Manchin Left a Global Tax Deal in Limbo

Treasury Secretary Janet L. Yellen’s signature achievement is in jeopardy if the United States cannot ratify the tax agreement that she brokered.

#corporate-taxes, #corporations, #european-union, #federal-budget-us, #federal-taxes-us, #manchin-joe-iii, #politics-and-government, #tax-shelters, #treasury-department, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government, #yellen-janet-l

Biden Administration Retreats on Threat to Withhold Arizona Relief Funds

Treasury disbursed $2.1 billion in pandemic aid after warning it could be withheld because the state had used aid money to undercut school mask mandates.

#american-rescue-plan-2021, #arizona, #ducey-doug-1964, #education-k-12, #masks, #taxation, #treasury-department, #united-states-economy

Veterans of Carter-Era Inflation Warn That Biden Has Few Tools to Tame Prices

President Biden and Democrats face political peril as costs keep rising and midterm elections loom.

#bergsten-c-fred, #biden-joseph-r-jr, #blumenthal-w-michael, #carter-jimmy, #democratic-party, #inflation-economics, #nineteen-hundred-seventies, #treasury-department, #united-states-economy

Russia’s Oil Revenue Soars Despite Sanctions, Study Finds

Rising oil prices more than offset a decline in export volumes during the first 100 days of the assault on Ukraine.

#defense-and-military-forces, #embargoes-and-sanctions, #europe, #european-union, #gazprom, #global-warming, #greenhouse-gas-emissions, #international-energy-agency, #international-trade-and-world-market, #kyiv-ukraine, #natural-gas, #oil-petroleum-and-gasoline, #prices-fares-fees-and-rates, #russian-invasion-of-ukraine-2022, #treasury-department, #war-and-armed-conflicts, #yellen-janet-l

U.S. Imposes Sanctions on Yacht Company That Caters to Russian Elites

The Treasury Department also identified four yachts as being linked to President Vladimir V. Putin of Russia.

#corruption-institutional, #embargoes-and-sanctions, #imperial-yachts, #kochman-evgeniy, #luxury-goods-and-services, #national-intelligence-estimates, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-politics-and-government

Seizing Russian Assets to Help Ukraine Sets Off White House Debate

Some European officials want to use more than $300 billion in Russian central bank assets to rebuild Ukraine. But Biden administration officials warn that diverting those funds could be illegal.

#assets-frozen, #banking-and-financial-institutions, #biden-joseph-r-jr, #central-bank-of-russia, #economic-conditions-and-trends, #embargoes-and-sanctions, #group-of-seven, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-international-relations, #yellen-janet-l, #zelensky-volodymyr

Yellen Calls on Europe to Boost Ukraine Aid

The Treasury secretary warned that Ukraine did not have enough funding to sustain its government and fend off Russia.

#brussels-belgium, #economic-conditions-and-trends, #embargoes-and-sanctions, #european-union, #group-of-seven, #international-trade-and-world-market, #politics-and-government, #protectionism-trade, #russian-invasion-of-ukraine-2022, #speeches-and-statements, #treasury-department, #united-states-economy, #united-states-politics-and-government, #war-and-armed-conflicts, #yellen-janet-l

Treasury Secretary Yellen Looks to Get Global Tax Deal Back on Track

The Treasury secretary is traveling to Warsaw, Brussels and Bonn, Germany, this week at an uncertain time for the global economy.

#biden-joseph-r-jr, #bonn-germany, #brady-kevin-1955, #brussels-belgium, #corporate-taxes, #economic-conditions-and-trends, #europe, #european-union, #group-of-seven, #house-committee-on-ways-and-means, #macron-emmanuel-1977, #morawiecki-mateusz, #poland, #politics-and-government, #tax-shelters, #treasury-department, #united-states-economy, #united-states-international-relations, #yellen-janet-l

How Do Higher Interest Rates Bring Down Inflation?

Our columnist is responding to readers’ questions. This week, he focuses on inflation, with the help of a bond maven and a Nobel laureate.

#consumer-price-index, #content-type-service, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #jones-kathy, #personal-finances, #phelps-edmund-s, #stocks-and-bonds, #treasury-department, #united-states-economy

Treasury Warns Foreign Banks Against Helping Russia Evade Sanctions

Adewale Adeyemo, the deputy Treasury secretary, met privately with international financial institutions to make clear the consequences of sanctions evasion.

#adeyemo-adewale, #banking-and-financial-institutions, #embargoes-and-sanctions, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government

Fed Officials Are on the Defensive as High Inflation Lingers

Critics have accused the Federal Reserve of not reacting quickly enough to tame rising prices. On Friday, a Fed governor explained why it took so long.

#banking-and-financial-institutions, #federal-reserve-bank-of-minneapolis, #federal-reserve-system, #inflation-economics, #interest-rates, #kashkari-neel-t, #powell-jerome-h, #summers-lawrence-h, #treasury-department, #united-states-economy, #waller-christopher-1959, #warsh-kevin-m

Fed Raises Interest Rate Half a Percentage Point, Largest Increase Since 2000

The Federal Reserve is combating the fastest price increases in four decades and is trying to cool the economy before high inflation becomes embedded.

#federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #powell-jerome-h, #treasury-department, #united-states-economy, #yellen-janet-l

Trump Officials Gave Pandemic Loan to Trucking Company Despite Objections

A congressional report raises new questions about a pandemic relief loan to a troubled trucking company with close ties to the Trump administration.

#clyburn-james-e, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #defense-department, #esper-mark-t, #ethics-and-official-misconduct, #house-of-representatives, #lobbying-and-lobbyists, #mnuchin-steven-t, #treasury-department, #trucks-and-trucking, #trump-donald-j, #united-states-economy, #united-states-politics-and-government, #yrc-worldwide-inc

Trump Officials Awarded $700 Million Pandemic Loan Despite Objections

A congressional report raises new questions about a pandemic relief loan to a troubled trucking company with close ties to the Trump administration.

#clyburn-james-e, #coronavirus-2019-ncov, #coronavirus-aid-relief-and-economic-security-act-2020, #defense-department, #esper-mark-t, #ethics-and-official-misconduct, #house-of-representatives, #lobbying-and-lobbyists, #mnuchin-steven-t, #treasury-department, #trucks-and-trucking, #trump-donald-j, #united-states-economy, #united-states-politics-and-government, #yrc-worldwide-inc

How the Treasury Department Is Cracking Down on Russian Sanction Evasion

New sanctions target a Russian bank and cryptocurrency mining company.

#banking-and-financial-institutions, #embargoes-and-sanctions, #russian-invasion-of-ukraine-2022, #swiftsociety-for-worldwide-interbank-financial-telecommunication, #treasury-department, #virtual-currency

Some U.F.C. Fighters Have Ties to a Chechen Leader Loyal to Putin

Ramzan Kadyrov, the leader of Chechnya, is facing U.S. sanctions and accused of brutal abuses. Yet some fighters and others who work with the U.F.C. have kept ties with him.

#chimaev-khamzat, #embargoes-and-sanctions, #human-rights-and-human-rights-violations, #kadyrov-ramzan, #mixed-martial-arts, #treasury-department, #united-states-international-relations, #war-and-armed-conflicts

Janet Yellen Calls on China to Push Russia to End Ukraine War

The Treasury secretary told the Atlantic Council on Wednesday that the U.S. would press ahead with sanctions.

#atlantic-council, #banking-and-financial-institutions, #economic-conditions-and-trends, #embargoes-and-sanctions, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #ukraine, #united-states, #united-states-international-relations, #yellen-janet-l

U.S. Crackdown Targets Boxing Figure Accused of Organized Crime

Daniel Kinahan is accused of leading an Irish organized crime group, and he has been involved with some of boxing’s biggest stars, including Tyson Fury.

#boxing, #crime-and-criminals, #embargoes-and-sanctions, #office-of-foreign-assets-control-united-states-treasury, #organized-crime, #treasury-department

Treasury Aims for Economic Pain on Russia, but Critics Question Effectiveness

The Treasury Department’s deputy secretary, Wally Adeyemo, has been leading the effort to crack down on evasion and to coordinate with Europe.

#adeyemo-adewale, #economic-conditions-and-trends, #embargoes-and-sanctions, #international-trade-and-world-market, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-economy, #united-states-international-relations, #united-states-politics-and-government

Yellen Says Aim Is ‘Maximum Pain’ for Russia Without Hurting US

The Treasury secretary, testifying before a House committee, said the U.S. would continue finding ways to punish Russia for its invasion of Ukraine.

#economic-conditions-and-trends, #embargoes-and-sanctions, #europe, #group-of-twenty, #house-of-representatives, #international-monetary-fund, #politics-and-government, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #ukraine, #united-states, #united-states-economy, #war-and-armed-conflicts, #world-bank, #yellen-janet-l

U.S. blocks Russia’s access to dollars for bond payments, heightening risk of default.

The U.S. Treasury tightened its restrictions on Russian financial transactions on Monday, when more than half a billion dollars in bond payments were due.

#credit-and-debt, #currency, #embargoes-and-sanctions, #ruble-currency, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #ukraine, #united-states-international-relations, #us-dollar-currency

U.S. Levels New Sanctions on Russian Tech Companies

Some of the new sanctions focus on organizations that supply or support Russia’s defense sector.

#embargoes-and-sanctions, #russia, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-politics-and-government

Does the End of Cash Mean the End of Privacy?

A new bill in Congress says anonymity can be preserved.

#internal-sub-only-nl, #lynch-stephen-f-1955, #privacy, #treasury-department, #virtual-currency

I Keep Hoping Larry Summers Is Wrong. What if He’s Not?

The former Treasury secretary discusses inflation, a possible recession and how the Russia-Ukraine war might exacerbate both.

#american-rescue-plan-2021, #banking-and-financial-institutions, #federal-reserve-system, #inflation-economics, #recession-and-depression, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-economy

Biden Aims to Boost Military and Social Spending in 2023 Budget

The president will unveil his latest budget proposal amid war in Ukraine and concerns at home about rising costs.

#biden-joseph-r-jr, #defense-department, #democratic-party, #economic-conditions-and-trends, #federal-budget-us, #federal-taxes-us, #treasury-department, #united-states-economy, #united-states-politics-and-government, #veterans-affairs-department

What a Federal Reserve Rate Increase Means for You

Rates on credit cards, savings accounts and different kinds of loans move when the Fed changes its benchmark rate. Here’s what you need to know.

#automobile-financing, #certificates-of-deposit, #content-type-service, #credit-and-debt, #federal-reserve-system, #inflation-economics, #interest-rates, #mortgages, #personal-finances, #prices-fares-fees-and-rates, #savings, #student-loans, #treasury-department, #united-states-economy, #vanguard-group-inc

American Officials Believe They Have Located Putin’s Yacht

They say they have indications that the $700 million, 459-foot yacht, which is in dry dock in Italy, is associated with the Russian president, backing an earlier claim by a former crew member.

#commerce-department, #embargoes-and-sanctions, #italy, #putin-vladimir-v, #russia, #russian-invasion-of-ukraine-2022, #sailboats-and-sailing, #treasury-department, #united-states-navy

Employer Practices Limit Workers’ Choices and Wages, U.S. Study Argues

A Biden administration report says collusion and other constraints on competition hold down pay and prospects in the labor market.

#antitrust-laws-and-competition-issues, #biden-joseph-r-jr, #economics-theory-and-philosophy, #labor-and-jobs, #mergers-acquisitions-and-divestitures, #minimum-wage, #research, #treasury-department, #united-states-economy, #wages-and-salaries

US Escalates Sanctions With a Freeze on Russian Central Bank Assets

The action is likely to fuel rapid inflation in Russia as it wages war in Ukraine.

#banking-and-financial-institutions, #embargoes-and-sanctions, #international-trade-and-world-market, #putin-vladimir-v, #russia, #russian-direct-investment-fund, #russian-invasion-of-ukraine-2022, #treasury-department, #united-states-international-relations

Putin Faces Sanctions, but His Assets Remain an Enigma

On paper, the Russian president appears to own very little. Yet estimates put his hidden wealth well over $100 billion.

#assets-frozen, #browder-william-f, #embargoes-and-sanctions, #european-union, #lavrov-sergey-v, #medvedev-dmitri-a, #navalny-aleksei-a, #panama-papers, #politics-and-government, #putin-vladimir-v, #roldugin-sergei-p, #rotenberg-arkady-r-1951, #rotenberg-boris-1986, #russia, #russian-invasion-of-ukraine-2022, #shamalov-kirill-n, #timchenko-gennady-n, #treasury-department, #united-states, #war-and-armed-conflicts, #yellen-janet-l

U.S. Eases Sanctions to Allow Routine Transactions With Afghan Government

The move allows financial dealings with civil servants at government institutions, even if those ministries are now overseen by Taliban members.

#banking-and-financial-institutions, #da-afghanistan-bank, #federal-reserve-system, #office-of-foreign-assets-control-united-states-treasury, #politics-and-government, #taliban, #terrorism, #treasury-department, #united-states-economy

Ukraine Crisis: What Happens Next for the Rest of the World?

Europe faces a new refugee crisis, and harsh economic penalties to punish Russia are expected to reverberate worldwide.

#banking-and-financial-institutions, #biden-joseph-r-jr, #blinken-antony-j, #central-intelligence-agency, #defense-department, #economic-conditions-and-trends, #embargoes-and-sanctions, #international-trade-and-world-market, #north-atlantic-treaty-organization, #oil-petroleum-and-gasoline, #refugees-and-displaced-persons, #russia, #russian-invasion-of-ukraine-2022, #state-department, #treasury-department, #ukraine, #united-states-agency-for-international-development, #united-states-defense-and-military-forces, #united-states-international-relations, #united-states-politics-and-government, #war-and-armed-conflicts

Russia Could Use Cryptocurrency to Mitigate U.S. Sanctions

Russian companies have many cryptocurrency tools at their disposal to evade sanctions, including a so-called digital ruble and ransomware.

#banking-and-financial-institutions, #bitcoin-currency, #blockchain-technology, #cyberattacks-and-hackers, #cyberwarfare-and-defense, #embargoes-and-sanctions, #international-trade-and-world-market, #moscow-russia, #russia, #treasury-department, #ukraine, #united-states, #united-states-international-relations, #virtual-currency

Where Liberalism Could Dream Bigger

Democrats need to realize that America’s future does not lie in Europe’s past.

#alternative-and-renewable-energy, #corporate-taxes, #democratic-party, #economics-theory-and-philosophy, #federal-reserve-system, #regulation-and-deregulation-of-industry, #treasury-department, #united-states-economy, #world-economic-forum, #yellen-janet-l

Biden Moves to Split $7 Billion in Frozen Afghan Funds

The president intends to use the Afghan central bank’s assets to fund humanitarian relief and other needs in Afghanistan, and compensate victims of the Sept. 11, 2001, attacks.

#afghanistan, #banking-and-financial-institutions, #biden-joseph-r-jr, #da-afghanistan-bank, #justice-department, #politics-and-government, #september-11-2001, #taliban, #terrorism, #treasury-department, #united-states, #united-states-economy

Inflation and Deficits Don’t Dim the Appeal of U.S. Bonds

Treasury rates remain strikingly low, partly because of the safety government debt offers corporations and retirees. Whether that endures is crucial to federal spending.

#credit-and-debt, #federal-budget-us, #federal-reserve-system, #government-bonds, #inflation-economics, #interest-rates, #national-debt-us, #prices-fares-fees-and-rates, #stocks-and-bonds, #treasury-department, #united-states-economy

Racial Turmoil Mars Signs of Progress at the U.S. Mint

A new internal report found that minorities felt marginalized at the Treasury agency that produces the nation’s coins.

#discrimination, #hiring-and-promotion, #race-and-ethnicity, #treasury-department, #united-states-mint, #united-states-politics-and-government, #ventris-c-gibson, #workplace-hazards-and-violations

Critics Say I.M.F. Loan Fees Are Hurting Nations in Desperate Need

Democratic lawmakers say the global fund’s surcharges for emergency relief siphon away money that countries need to fight the pandemic.

#argentina, #coronavirus-2019-ncov, #credit-and-debt, #income-inequality, #international-monetary-fund, #politics-and-government, #third-world-and-developing-countries, #treasury-department

Federal Rental Assistance Is Running Out, With Tenants Still in Need

An announcement from the Treasury Department on Friday revealed that there was less money available for renters than some states had hoped.

#coronavirus-2019-ncov, #evictions, #landlords, #real-estate-and-housing-residential, #treasury-department, #united-states

Why Janet Yellen’s Signature Is Not on U.S. Currency

Until a new treasurer is selected, currency will continue to bear the autograph of former Treasury Secretary Steven Mnuchin.

#biden-joseph-r-jr, #mnuchin-steven-t, #treasury-department, #united-states-politics-and-government, #us-dollar-currency, #yellen-janet-l

U.S. Eases Pressure of Sanctions on Afghanistan

The Treasury Department issued new “general licenses” to help aid flow as a humanitarian crisis deepens.

#afghanistan, #afghanistan-war-2001, #embargoes-and-sanctions, #foreign-aid, #haqqani-network, #humanitarian-aid, #taliban, #treasury-department

U.S. Cracks Down on Firms Said to Aid China’s Repression of Minorities

The Commerce and Treasury Departments put new restrictions on an array of companies and institutions that they said were misusing biotechnology.

#biotechnology-and-bioengineering, #china, #commerce-department, #defense-and-military-forces, #dji-innovations, #facial-recognition-software, #raimondo-gina-m, #surveillance-of-citizens-by-government, #treasury-department, #uighurs-chinese-ethnic-group, #xinjiang-china

How Revenue for Biden’s Social Policy Bill Depends on the I.R.S.

The head of the Congressional Budget Office said on Monday that beefed-up tax enforcement would raise far less money than the White House projected.

#biden-joseph-r-jr, #congressional-budget-office, #debt-collection, #federal-budget-us, #federal-taxes-us, #internal-revenue-service, #rettig-charles-p, #tax-evasion, #taxation, #treasury-department, #united-states-politics-and-government

I Bonds, Offering a Safe Space for Cash, Get a Big Rate Bump

The rise in prices has affected not only consumer goods but some government savings bonds, and it could benefit some investors looking for safe spaces for their money.

#content-type-service, #government-bonds, #income, #inflation-economics, #stocks-and-bonds, #treasury-department

Regulators Ask Congress to Create New Rules for Cryptocurrencies

A Treasury Department report says stablecoin issuers should operate like banks to avoid destabilizing runs that could erode financial stability.

#banking-and-financial-institutions, #law-and-legislation, #regulation-and-deregulation-of-industry, #treasury-department, #united-states-politics-and-government, #virtual-currency

Biden Finds Raising Corporate Tax Rates Easier Abroad Than at Home

As the Group of 20 seals a new global minimum tax for companies, the president has scaled back his plans to tax U.S. corporations more.

#biden-joseph-r-jr, #corporate-taxes, #corporations, #donohoe-paschal-1974, #europe, #federal-budget-us, #federal-taxes-us, #foreign-investments, #group-of-twenty, #house-of-representatives, #income, #income-tax, #internal-revenue-service, #national-assn-of-manufacturers, #organization-for-economic-cooperation-and-development, #patriotic-millionaires, #tax-cuts-and-jobs-act-2017, #tax-shelters, #treasury-department, #trump-donald-j, #united-states, #united-states-economy, #united-states-politics-and-government, #wages-and-salaries, #yellen-janet-l

How $2 Trillion in Tax Increases in Biden’s Bill Target Companies and the Rich

The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #corporations, #executive-compensation, #federal-budget-us, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #stock-buybacks, #tax-credits-deductions-and-exemptions, #tax-shelters, #treasury-department, #united-states-politics-and-government

How Biden’s $2 Trillion in Tax Increases Target Companies and the Rich

The proposal to fund the president’s sprawling spending plan mostly turns up the dial on more conventional tax policies, while trying to curb maneuvers that allow tax avoidance.

#biden-joseph-r-jr, #budgets-and-budgeting, #corporate-taxes, #corporations, #executive-compensation, #federal-taxes-us, #high-net-worth-individuals, #income-tax, #internal-revenue-service, #stock-buybacks, #tax-credits-deductions-and-exemptions, #tax-shelters, #treasury-department, #united-states-politics-and-government

Democrats to Scale Back Proposal for Banks to Report Account Balances to IRS

Banks would have to provide data on accounts with annual deposits or withdrawals exceeding $10,000, not including payroll and beneficiary deposits, rather than $600.

#banking-and-financial-institutions, #democratic-party, #federal-taxes-us, #greene-marjorie-taylor-1974, #internal-revenue-service, #republican-party, #senate, #senate-committee-on-finance, #treasury-department, #united-states-politics-and-government, #warren-elizabeth, #wyden-ron, #yellen-janet-l