WASHINGTON (Reuters) – Brad Smith, a veteran U.S. Treasury Department employee, will be acting under secretary for terrorism and financial intelligence, a U.S. Treasury Department spokesperson told Reuters, taking up the role overseeing the department’s sanctions policy, one of Washington’s go-to foreign policy tools.
WHY IT’S IMPORTANT
Smith’s appointment comes as the U.S. seeks to increase pressure on Russia over its 2022 invasion of Ukraine and maintains heavy punitive measures against countries such as Iran.
Reuters first reported Smith would assume the role.
CONTEXT
Smith will take over the position in an acting capacity following the departure of Brian Nelson on Friday, the spokesperson said. Sources confirmed Nelson was leaving to work on the presidential campaign of Vice President Kamala Harris.
Smith’s focus will be on continuing to degrade Russia’s ability to wage war in Ukraine, the spokesperson said, as well as cutting off financing to Iran and its proxies, combating the illicit flow of fentanyl into the U.S. and implementing regulatory efforts.
Smith was appointed director of Treasury’s Office of Foreign Assets Control in 2023. He previously served as the office’s deputy director and chief counsel.
Under President Joe Biden’s administration, Smith has worked on Washington’s imposition of thousands of sanctions targeting Russia over the invasion of Ukraine, which has included designations of Russian banks, oligarchs, President Vladimir Putin and companies in China, Turkey and elsewhere.
The Biden administration has also ramped up counter-narcotics measures and sought to modernize the use of the sanctions tool.
During the previous administration of President Donald Trump, the office issued extensive measures against Iran and Venezuela, among others.
Source: Economy - investing.com
