March  14, 2022 3:00 a.m.

On Friday, Senator Ron Wyden released a statement outlining tax policies he is developing to hold Russia accountable for its invasion of Ukraine.

Wyden said “The Biden administration has taken strong steps to swiftly implement sanctions against Russia, but we must do more to impose a severe economic cost on Vladimir Putin and those providing him with resources to continue this unprovoked and increasingly brutal assault on Ukraine”. Wyden said a comprehensive response that turns up the financial pressure from every angle is needed.

Wyden said Russian oligarchs and companies supporting Putin shouldn’t be getting tax breaks in the United States.

Wyden said, “In addition, the United States should not subsidize a single dollar of taxes paid to Russia, which will be used to fund this cruel war”. Wyden said if U.S. companies choose to continue to keep paying taxes to Russia, they should do it without a penny of help from American taxpayers.

Policies being developed include:

*Elimination of tax benefits for Russians and Belarusians operating in the United States

*Elimination of preferential Global Intangible Low-Taxed Income on Russian and Belarusian income and denial of foreign tax credits and deductions for taxes paid to Russia and Belarus

Wyden chairs the Senate Finance Committee.