Deputy Secretary of the Treasury Wally Adeyemo is set to visit London from October 13 to 15, according to a statement released by the Treasury Department. During his trip, he will engage in discussions with senior UK officials regarding further sanctions on Russia and explore options for utilizing frozen Russian assets.

As reported by Reuters, following the appointment of Prime Minister Keir Starmer in July, Adeyemo will be the first senior U.S. Treasury official to visit the UK under the new government. While U.S. Treasury Secretary Janet Yellen previously met with UK Chancellor Rachel Reeves at a G20 meeting in Brazil the same month, Adeyemo’s visit marks a significant step in U.S.-UK financial relations.

During his London visit, Adeyemo is expected to meet with several key figures, including UK National Security Advisor Tim Barrow, Bank of England Governor Andrew Bailey, and Minister of State Stephen Doughty.

The Treasury has emphasized that Adeyemo’s discussions will highlight the close bilateral relationship and collaboration in addressing geopolitical challenges, particularly in support of Ukraine, which has been resisting Russia’s full-scale invasion since February 2022.

In the wake of the outbreak of the Russia-Ukraine war, approximately $300 billion of Russian sovereign assets have been frozen by Western nations. Adeyemo will discuss with UK officials how to leverage the economic value of these assets.

Additionally, the Treasury stated that Adeyemo will talk about enhancing sanctions against Russia further and disrupting financial flows supporting Iranian activities and its proxies.

Adeyemo also plans to discuss strategies that both the Biden administration and Starmer’s Labour government are adopting to stimulate economic growth and reduce costs, particularly through strategic investments in critical sectors such as advanced manufacturing and clean energy.