senior officials of the US Treasury said that Yellen believes that "Russia's invasion of Ukraine shows that the world's largest economy must unite to defend international order and protect peace and prosperity.""She will use this week's series of conferences to cooperate with allies to increase economic pressure on Russia and reduce the overflow effect."
(Washington Composite Electric) U.S. Treasury Minister Yellen this week will call on a series of international conferences in Washington, and will call on major economies to increase pressure on the Russian economy to punish it to invade Ukraine.
The International Monetary Fund (IMF) and the World Bank Spring Conference held on Monday will focus on the war of Russia and Ukraine and its impact on the global economy.Financial officials of the Seventh Kingdom Group (G7) and the G20 members of the G20 will also meet this week.
A senior official of the US Treasury told the media reporter on Monday that Yellen believes that "Russia's invasion of Ukraine shows that the world's largest economy must unite to defend international order and protect peace and prosperity."
He said: "She will continue to cooperate with allies with allies this week to increase the economic pressure on Russia while reducing the overflow effect."
IMF and the World Bank have warned that the war has caused devastation of the global economy, especially in the high inflation period that leads to continued rise in energy and food prices.
Western sanctions on Moscow have exacerbated price pressure, and the most impact on the most poor countries has suffered the worst.
The senior official said that Yellen was "deeply concerned" about these influences, but "we firmly need to hold accountable for Russia and its leadership and impose severe sanctions."
He said that Washington will also continue to try to punish countries that try to avoid sanctions and restrict Russian President Putin to exert power; but he does not mention how to sanctions or what sanctions are being considered.
The US Deputy Minister of Finance and Politics, Ade, said in a public speech that the United States "demolished Russia's war machines one by one to disturb their military industrial system and supply chain."
He said: "We will continue to use sanctions and export control to prevent Russia from acquiring what they need, lock its key areas such as aerospace, electronics and national defense -related fields."
According to senior U.S. officials, Yellen will participate in important meetings this week, especially the G20 opening meeting on the consequences of Russia's invasion.As for other meetings, as long as there are Moscow officials attending, she will not participate.
U.S. President Biden premiered premise that Russia was expelled from G20.
A French source told AFP last week that officials from other major economies in the world may also resist conferences from Russian officials.
It is expected that Russian finance officials will participate in Wednesday's G20 meeting in a remote manner.
