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U.S. DEPARTMENT OF THE TREASURY
READOUT: Deputy Secretary of the Treasury Wally Adeyemo’s
Visit to Berlin, Germany
April 4, 2022

BERLIN — Deputy Secretary of the Treasury Wally Adeyemo traveled to Berlin, Germany to
conclude his European trip focused on coordinating economic pressure on Russia for its war
against Ukraine. He met with German government counterparts, including Wolfgang
Schmidt, Head of the Federal Chancellery, Dr. Jörg Kukies, Chief Economic and EU Advisor to
the German Chancellor, Luise Hölscher, State Secretary for the Ministry of Finance, Udo
Philipp, State Secretary for the Federal Ministry for Economic A�airs and Climate
Action, and Susanne Baumann, State Secretary for the Federal Foreign O�ice. They discussed
further coordination on sanctions, including implementation and combatting sanctions
evasion e�orts, such as those involving the use of cryptocurrency. They also discussed ways
to increase costs on Russia while mitigating spillover e�ects. Deputy Secretary Adeyemo then
met with German o�icials participating in the multilateral Russian Elites, Proxies, and
Oligarchs (REPO) Task Force to freeze and seize assets of sanctioned Russian elites.
While in Germany, the Deputy Secretary also had productive conversations on
global economic growth and climate action. He discussed the outlook for the German and
global economies, as well as opportunities to enhance global economic cooperation through
e�orts like the global minimum tax deal agreed by the G20 last fall.
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