US Treasury Secretary Janet Yellen on Thursday said Washington wants to see tougher and more effectively enforced sanctions against Moscow along with stronger condemnation of the war in Ukraine, and warned China of consequences if it helps Russia. She was addressing a news conference after meeting finance minister Nirmala Sitharaman in Bengaluru for the first G20 finance ministers and central bank governors meeting under the Indian presidency. Yellen said the economic costs imposed on Russia have the twin goals of degrading its military and squeezing revenues that can fund the war in Ukraine. She said US sanctions and enforcement will focus on Russia’s efforts to backfill and obtain critical materials, and expressed her and the US point of view that Russia’s behaviour is a violation of international law and unprovoked hostility. Yellen also said the US has so far provided more than $46 billion in security, economic and humanitarian aid to Ukraine and the economic assistance is making Ukrainian resistance possible. She said the US and its allies implemented a cap on the price of Russian crude, which appears to have helped. Yellen will join her G20 counterparts for two days of discussions that will shape the economic agenda for 2023 for the grouping of the world’s biggest economies.
Today: December 10, 2023