By FATIMA HUSSEIN
Washington (AP) — Treasury Secretary Janet Yellen warned the House Panel on Wednesday that Russia’s invasion of Eastern Europe “has enormous economic implications for Ukraine and beyond.” She added that rising prices for energy, metals, wheat and corn produced by Russia and Ukraine “will also escalate inflationary pressures.”
“Russia’s aggression, including the atrocities committed against innocent Ukrainians in Bucha, has been blamed and represents an unacceptable insult to the rule-based world order, which will have a tremendous economic impact on the world.” She told the House Financial Services Commission.
Her remarks were part of her annual testimony on the state of the international financial system.
Yellen touches on the need for global food and energy security and debt sustainability, as well as granting and humanitarian funding to the world’s poorest and most vulnerable people of the International Monetary Fund and the World Bank. We called on Congress to provide support to the organization.
“Globally, the spillover effect from the crisis has increased economic vulnerability in many countries already facing high debt burdens and limited policy options as they recover from COVID-19.” She said.
“The sanctions we impose on Russia are pushing up the price of energy. It’s an important price to pay to punish what Russia is doing in Ukraine,” she added, adding that the conflict is a domestic American. I drew what kind of influence it has on.
Inflation reached its 40-year high as the Federal Reserve’s closely watched inflation index surged 6.4% compared to a year ago, the largest year-over-year increase since January 1982. ..
The U.S. and Western allies impose sanctions avalanches on Russia in the first weeks of the war, and recent executives have closed loopholes that Russia may try to use to avoid them. Is more focused on.
On Wednesday morning, the United States announced further sanctions. This time, we have strengthened penalties against Russian banks in retaliation for “war crimes” in Ukraine, targeting two adult daughters of Russian President Vladimir Putin.
“The Treasury cannot benefit from the international financial system because Russia has promised to take responsibility for its actions,” Yellen said.
Parliamentarians also asked Yellen about the threat of aggression in China and Taiwan as the United States and its allies continue to impose sanctions on Russia. She said the United States is ready to impose sanctions on China if Beijing moves aggressively towards Taiwan.
“We believe we have shown what we can do in the case of Russia,” she said. “I don’t think we should doubt our determination to do the same in other situations.”
She was also asked about Russia’s involvement in the G20 Summit, which will be held in Indonesia later this year.
The Indonesian government has resisted calling for the exclusion of Russia and said it will hold the G20 summit fairly.
“We have revealed to our Indonesian colleagues that we will not attend many conferences,” Yellen said at an annual summit involving Russia.
White House spokesman Jen Psaki revealed later that day that Yellen had mentioned a ministerial-level meeting and that the United States would not boycott the entire summit.
“You shouldn’t do business as usual,” she said.
President Joe Biden said he wanted to get Russia out of the G20.
Russia’s aggression will have “great impact” – thereporteronline
Source link Russia’s aggression will have “great impact” – thereporteronline