Joe Biden’s administration on Tuesday imposed economic sanctions on a Chinese network of drug manufacturers, particularly fentanyl, a very powerful opiate that is responsible for tens of thousands of overdoses in the United States each year.
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The Treasury Department announced economic sanctions against 28 individuals and companies, particularly in China but also in Canada, the Office of Foreign Assets Control (OFAC) said in a press release.
It is “a network responsible for the production and distribution of illegal drugs, including fentanyl and other substances that claim the lives of thousands of Americans each year,” said Deputy Treasury Secretary Wally Adeyemo in the press release.
According to the Treasury Department, this network then sells the manufactured products to cartels based in Mexico and makes extensive use of cryptocurrencies for trading.
“Starting today, these individuals and entities based in China and Canada can no longer use the U.S. financial system and all U.S. citizens and residents are prohibited from doing business with them,” it said. Wally Adeyemo said during a joint press conference with Attorney General Merrick Garland, starting at 2:15 p.m. (6:15 p.m. GMT).
In fact, simultaneous action was taken by the Ministry of Justice.
The issue was even one of the priorities of US Commerce Secretary Gina Raimondo during her visit to China at the end of August.
From March 2022 to March 2023, the United States recorded 110,000 overdose or drug overdose-related deaths, two-thirds of which were due to fentanyl use, according to the Centers for Disease Control and Prevention (CDC).
“Expand” the goals
Wally Adeyemo clarified that the Treasury “identified and blocked more than a dozen virtual wallets linked to these actors” and “received millions of dollars in funds across hundreds of deposits, reflecting the scope and scale of the operation illustrated”.
The fight against fentanyl is one of the White House’s priorities. This powerful synthetic opioid, which is up to 50 times more powerful than heroin and has flooded the drug market in the United States, is actually the leading cause of overdoses in the country.
Teen overdose deaths increased 94% from 2019 to 2020, according to the CDC, which attributes this phenomenon specifically to the greater “availability of illegally produced synthetic fentanyl.”
Wally Adeyemo also explained that he had asked to “broaden” the target audience of the sanctions to include “friends, family members and associates of criminals who profit from the sale of these drugs.” If you profit from the proceeds of this illegal activity, we will confiscate your property.”
The issue of drugs in general is also one of the campaign topics for the presidential election in November 2024. Several Republican candidates have therefore promised to use the army to attack the drug cartels in Mexico if they are elected.
The administration announced more than $450 million in additional funding to combat the overdose crisis in the United States in late August.