- February 24, 2023
Yellen: US will seek more sanctions to hurt Russia further: Yellen | India News – Times of India
BENGALURU: US treasury secretary Janet Yellen on Thursday said that the Biden administration will seek to impose further sanctions on Russia that will hurt its economy, already reeling under the impact of a high budget deficit, lack of access to critical supplies and the exodus of talent and foreign investment.
While warning countries against violating sanctions imposed a year ago, Yellen also urged the International Monetary Fund to swiftly provide a package for war-torn Ukraine seeking to combat its neighbour. Ukraine has sought a $15 billion package from the IMF.
“We stand with Ukraine, for as long as it takes… Continued, robust support for Ukraine will be a major topic of discussion during my time here,” she said at a press conference on the sidelines of a G20 meeting.
The US is seeking to provide an additional $10 billion support to Ukraine, which will be above the $46 billion economic, security and humanitarian assistance given so far.
The US treasury secretary said that Russia has been weighed down by the price cap on crude petroleum and oil purchase by several countries at a discount had also had an adverse impact. At the same time, the price cap had helped stabilise global energy prices after it crossed $120 a barrel last year.
“So far, we see clear signs that our policy is working to reduce Russian revenues and stabilise global energy markets. Even as global oil prices have remained relatively stable over the past few months, Russian oil prices have fallen substantially. Last month, the Kremlin’s oil revenue was nearly 60% lower than in the immediate aftermath of the invasion. We have continued to see emerging markets negotiate steep discounts on Russian oil — which keeps oil on the global market but sharply reduces the Kremlin’s take,” she said.
The conflict in Ukraine had affected the global economy but it was seen to be doing better than what was expected earlier due to “collective work”. Pointing to a moderation in inflation, Yellen called for “redoubling efforts” to tame price rise, which was at a four-decade high in the US and several parts of Europe, arguing that “we are not out of the woods yet”.
The former US Fed chief identified the debt pressures in several developing countries as a major challenge and called upon lenders, including China, to work out a package that could end the crisis in countries such as Sri Lanka and Zambia.
“I will continue to push for all bilateral official creditors, including China, to participate in meaningful debt treatments for developing countries and emerging markets in distress,” Yellen said.
Apart from addressing the debt issue, she called upon G20 finance ministers to help in smooth clean energy transition and reorient multilateral agencies such as the World Bank.Watch “Global economy is in better place…,” says US Treasury Secretary
While warning countries against violating sanctions imposed a year ago, Yellen also urged the International Monetary Fund to swiftly provide a package for war-torn Ukraine seeking to combat its neighbour. Ukraine has sought a $15 billion package from the IMF.
“We stand with Ukraine, for as long as it takes… Continued, robust support for Ukraine will be a major topic of discussion during my time here,” she said at a press conference on the sidelines of a G20 meeting.
The US is seeking to provide an additional $10 billion support to Ukraine, which will be above the $46 billion economic, security and humanitarian assistance given so far.
The US treasury secretary said that Russia has been weighed down by the price cap on crude petroleum and oil purchase by several countries at a discount had also had an adverse impact. At the same time, the price cap had helped stabilise global energy prices after it crossed $120 a barrel last year.
“So far, we see clear signs that our policy is working to reduce Russian revenues and stabilise global energy markets. Even as global oil prices have remained relatively stable over the past few months, Russian oil prices have fallen substantially. Last month, the Kremlin’s oil revenue was nearly 60% lower than in the immediate aftermath of the invasion. We have continued to see emerging markets negotiate steep discounts on Russian oil — which keeps oil on the global market but sharply reduces the Kremlin’s take,” she said.
The conflict in Ukraine had affected the global economy but it was seen to be doing better than what was expected earlier due to “collective work”. Pointing to a moderation in inflation, Yellen called for “redoubling efforts” to tame price rise, which was at a four-decade high in the US and several parts of Europe, arguing that “we are not out of the woods yet”.
The former US Fed chief identified the debt pressures in several developing countries as a major challenge and called upon lenders, including China, to work out a package that could end the crisis in countries such as Sri Lanka and Zambia.
“I will continue to push for all bilateral official creditors, including China, to participate in meaningful debt treatments for developing countries and emerging markets in distress,” Yellen said.
Apart from addressing the debt issue, she called upon G20 finance ministers to help in smooth clean energy transition and reorient multilateral agencies such as the World Bank.Watch “Global economy is in better place…,” says US Treasury Secretary
