US Treasury Secretary Janet Yellen has announced that the United States will provide an additional $10 billion in economic assistance to Ukraine, on the eve of the one-year anniversary of Russia’s invasion. Yellen made the announcement at a press conference in Bengaluru, India, where G20 finance ministers and central bank governors are gathering for a two-day meeting beginning Friday.
Yellen warned China not to provide any material support for Russia’s war effort in Ukraine or for any of Moscow’s efforts to evade sanctions. “We have made clear that providing material support to Russia or assistance with any type of systemic sanctions evasion would be a very serious concern to us, and we will certainly continue to make clear to the Chinese government and to companies and banks in their jurisdiction about what the rules are regarding our sanctions and the serious consequences they would face for violating them,” Yellen said.
The US has partnered with a multilateral coalition of over 30 countries since the early days of the war to impose severe economic costs on Russia, in an effort to degrade its military-industrial complex and reduce the revenues that it can use to fund its war. Estimates indicate that nearly a million Russians may have left the country last year due to the sanctions.
Yellen also emphasized the importance of continued and robust support for Ukraine, including a fully-financed program from the IMF. “We have seen the bravery of the Ukrainian military on the battlefield. We have seen the steady hand of Ukraine’s economic and finance officials. They have fought to preserve Ukraine’s economic and financial stability under extraordinary circumstances. And of course, we have seen the strength of the Ukrainian people. They are standing strong amid a terrible war,” she said.
Yellen noted the strength of the US economy from her home, indicating that headline inflation has decreased over recent months and the labor market is still in good condition. She also said the US would resume economic talks with China “at an appropriate time”, as Beijing continues to sell its vast stock of Treasurys and as Washington warns against possible sanctions violation in relation to Russia.
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