Outgoing US Treasury Secretary warns against overuse of sanctions

Outgoing US Secretary for the Treasury, Jack Lew

Outgoing United States Secretary of the Treasury Jack Lew has warned against the overuse of sanctions saying Washington runs the risk of lessening their impact.

The Secretary of the Treasury is the equivalent of Finance Minister in most countries.

Lew, who has been the Secretary of the Treasury since 2013, says in his exit memo that the United States in its engagement with challenging partners should continue to use tools at its disposal judiciously to maintain pressure on those countries that take aggressive and destabilising actions such as Russia and North Korea.

He says Washington should provide sanctions relief when the targeted malign behaviour changes as with Iran and Burma.

The memo does not mention Zimbabwe at all though it has been under United States sanctions since 2001.

“As we chart new courses with other countries, such as Cuba, we should be mindful of how we can use our economic tools to create the conditions for a changed relationship,” Lew says.

“We must always take care to avoid the overuse of sanctions, particularly our most unilateral tools like secondary sanctions that extend to non-US persons.

“If we overuse these powerful tools, we risk lessening their impact when they are most needed and ultimately threaten our central role in the global financial system.”

It is not yet clear how President-elect Donald Trump’s administration will deal with sanctions.

Though Trump seems to be warming up to Russia, he warned that he will not tolerate “dictators” like President Robert Mugabe and Ugandan President Yoweri  Museveni.

“Mugabe and Museveni must be put on notice that their days are numbered and I am going to arrest them and lock them in prison,” Trump told war veterans in Washington during his election campaign.

“If the past American administrators have failed to stop these two despots, I will personally do it.”

Related Posts
A motorcyclist rides along a road while fire and smoke rising from Splendid Hotel in Ouagadougou where suspected Islamist fighters are holding hostages in this still image from a video grab, January 15, 2016.  REUTERS/RTB via REUTERS TV
OUAGADOUGOU - Security forces in Burkina Faso battled suspected Islamist fighters late on Friday who were holding hostages at a hotel used by foreigners in the capital, Ouagadougou, gendarmes and ...
READ MORE
Obama unlikely to meet AU chair Mugabe – report
Cape Town – US President Barack Obama will be touring the African Union (AU) headquarters in Ethiopia during his visit to Africa but will likely not meet the AU chairperson, ...
READ MORE
Last known Boko Haram stronghold falls
Bauchi, Nigeria - Nigerian forces backed by warplanes invaded Islamist group Boko Haram's last known stronghold, the Sambisa forest, on Wednesday, in an effort to finally defeat their six-year-old insurgency, ...
READ MORE
Malawi Government Announces President Mutharika’s Return Sunday
Malawi’s government has announced that President Arthur Peter Mutharika will return to the country Sunday – weeks after attending the U.N. General Assembly meeting of heads of state and government ...
READ MORE
Nigerian, Chad troops fail to cooperate in Boko Haram fight: Deby
ABUJA (Reuters) - Chad's President Idriss Deby said on Monday in Nigeria's capital Abuja that the fight against islamist Boko Haram insurgents was being hindered by failure of the two ...
READ MORE
A combination photo shows  Hillary Clinton (L) and  Donald Trump (R) in Los Angeles, California on May 5, 2016 and in Eugene, Oregon, U.S. on May 6, 2016 respectively.  REUTERS/Lucy Nicholson (L) and Jim Urquhart/File Photos
WILMINGTON, N.C - Republican presidential nominee Donald Trump suggested on Tuesday that gun rights activists could act to stop his Democratic rival Hillary Clinton from nominating liberal U.S. Supreme Court ...
READ MORE
Barack Obama’s African legacy: How he failed to stand up to strongmen
The son of an economist born in Kogelo, Kenya, Barack Obama's 2008 election inspired millions across the African continent, and there was hope that strong ties with his father's country ...
READ MORE
A still image from a video posted by Nigerian Islamist militant group Boko Haram on social media, seen by Reuters on August 14, 2016, shows a masked man talking to dozens of girls the group said are school girls kidnapped in the town of Chibok in 2014.  Social Media
ABUJA (Reuters) - The Islamic State-allied faction of Boko Haram which last week freed 21 of more than 200 Chibok girls kidnapped in April 2014 in northeast Nigeria is willing ...
READ MORE
SA Court dismisses Winnie-Mandela’s claim on Mandela’s Qunu home
WINNIE Madikizela-Mandela’s bid to lay claim to the late Nelson Mandela’s Qunu home has been dismissed by the Mthatha High Court. The property was bequeathed to the Nelson Rholihlahla Mandela Family ...
READ MORE
As Robert Mugabe beggs China for vote-buying rice, Kenya receives locomotives for China-funded railway
MOMBASA, Kenya, (Xinhua) -- Kenya has received six locomotives from China, which will run on a China-funded standard gauge railway (SGR) due to start trial operation in June.   A ceremony was ...
READ MORE
Suspected Islamist gunmen take hostages in attack on
Obama unlikely to meet AU chair Mugabe –
Last known Boko Haram stronghold falls
Malawi Government Announces President Mutharika’s Return Sunday
Nigerian, Chad troops fail to cooperate in Boko
Donald Trump suggests Hillary Clinton should be assasinated
Barack Obama’s African legacy: How he failed to
Boko Haram faction ready to negotiate release of
SA Court dismisses Winnie-Mandela’s claim on Mandela’s Qunu
As Robert Mugabe beggs China for vote-buying rice,

Arts & Entertainment

Arts & Entertainment

Where To Stream Drake’s ‘More Life’: Playlist Will Be Available On Spotify And Amazon

17th March 2017 Staff Reporter 0

After a long wait, Drake’s next project, “More Life,” is finally releasing on Saturday. Originally believed to be an Apple Music exclusive, it’s now looking like the playlist will also be available on other streaming […]