As major economies meet, US looks to increase pressure on Russia

As major economies meet, US looks to increase pressure on Russia

As major economies meet, US looks to increase pressure on Russia

As major economies meet, US looks to increase pressure on Russia

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US Treasury Secretary Janet Yellen this week will call on her counterparts in essential economies to ramp up the economic pain on Moscow over its invasion of Ukraine, a senior respectable stated Monday.

The fallout from the battle and the effect on the worldwide economic system might be key topics of dialogue for the duration of the spring meetings of the IMF and World Bank, which commenced Monday.

Finance officials from the G7 and G20 international locations will also meet this week.

“The secretary believes the Russian invasion of Ukraine has demonstrated the need for the world’s largest economies to stand together to defend international order and protect peace and prosperity,” the Treasury official told reporters.

“She will use this week’s meetings to work with allies to continue our united efforts to increase economic pressure on Russia while mitigating spillover effects.”

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The IMF and World Bank have warned of the devastating costs the war is imposing on the global economy, especially through rising prices for energy and food at a time of high inflation.

Western sanctions on Moscow have contributed to the price pressures, which are hitting the poorest countries the hardest.

While Yellen is “deeply concerned” about the impacts, “We are firm in our resolve to hold Russia and its leadership accountable, and have imposed crippling sanctions,” the official said.

Washington also will continue to work to penalize countries that try to evade the sanctions and restrict Russian leader Vladimir Putin’s ability to project power.

The official did not provide any specifics on the type of sanctions or the targets being considered.

 

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– Boycotting Russia –

 

While Yellen will participate in key meetings this week, especially the opening session of the G20 focused on the fallout from the Russian invasion, she will not attend other sessions if officials from Moscow are included, the Treasury official said.

She will make it clear that “the benefits and privileges of the leading economic institutions of the world — which we helped create after (World War II) — are reserved for countries that demonstrate respect for the core principles that underpin peace and security across the world,” the Treasury official said.

Russian finance officers are expected to participate remotely in the G20 assembly on Wednesday, that’s led by way of Indonesia this yr.

Other officials from the world’s main economies can also boycott the classes as properly, a French source advised AFP ultimate week.

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US President Joe Biden has proposed ejecting Russia from the G20.

Yellen will meet with Ukraine’s Prime Minister Denys Shmyhal and “will reiterate the Biden management’s company aid for the people of Ukraine as they guard their lives and their country,” in step with Treasury.

Deputy Treasury Secretary Wally Adeyemo will meet with Ukraine Finance Minister Sergii Marchenko on Thursday.

Yellen will call for a coordinated multilateral effort to support Ukraine’s short-time period funding needs for humanitarian relief and rebuilding.

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