Yellen to call for increased economic pressure on Russia: official

Yellen to call for increased economic pressure on Russia: official

Yellen to call for increased economic pressure on Russia: official

Yellen to call for increased economic pressure on Russia: official

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US Treasury Secretary Janet Yellen this week will name on her opposite numbers to ramp up the monetary pain on Moscow over its invasion of Ukraine, a senior Treasury legit stated Monday.

Yellen will participate within the spring conferences of the IMF and World Bank, as well as gatherings of finance officers from the G7 and G20 countries, wherein the fallout from the battle might be a key topic of discussion.

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

“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.”

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

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Western sanctions on Moscow have shared  to inflation pressures, hitting the poorest nations the toughest.

While Yellen is “deeply concerned” approximately the impacts, “We are company in our resolve to maintain Russia and its leadership accountable, and have imposed crippling sanctions,” the legitimate said.

Washington also will continue to paintings to penalize international locations that try and stay away from the sanctions, and limit Russian chief Vladimir Putin’s potential to mission energy.

The legitimate did not provide any specifics at the type of sanctions or the objectives.

While Yellen will take part in key meetings this week, mainly the outlet session of the G20 centered at the fallout from the Russian invasion, she will be able to no longer attend other classes if officials from Moscow are covered, a senior US Treasury authentic stated.

Russian finance officials are anticipated to take part remotely within the G20 assembly on Wednesday, that is officially hosted by Indonesia.

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Other officials from the world’s leading economies might also boycott the sessions as nicely, a French source advised AFP last week.

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

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