US to Provide $10 Billion in Economic Support for Ukraine; Yellen Discusses Sanctions Against Russia, US-China Relations
US Treasury Secretary Janet L Yellen on Thursday said the US would provide around $10 billion in additional economic support for Ukraine in the coming months. Speaking at a press conference in Bengaluru, India, before the first G20 meeting under the Indian Presidency, Yellen said the US and its allies were supporting the Ukrainian people’s fight for freedom.
Yellen noted that the US was looking to strengthen existing sanctions against Russia and impose new ones with its allies. She said sanctions have had a very significant negative effect on Russia so far, “though it has held up better than initially expected”. Yellen also said the US has made clear to Chinese companies and banks that providing support to Russia would be of “very serious concern”, and warned them of serious consequences if sanctions linked to the war are violated.
Yellen also said that the US wants to strengthen sanctions against Russia and see strong condemnation of its war against Ukraine and its impact on the global economy. She also called for the IMF to move swiftly toward a fully-financed program for Ukraine and said that the US was beginning to see lower headline inflation around the globe. Yellen noted that financial conditions in emerging markets remain relatively tight but have begun showing signs of easing.
Yellen highlighted the continued strength of the US economy at home, with a moderation in headline inflation and a robust labor market. She 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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