Stay up to date with notifications from The Independent

Notifications can be managed in browser preferences.

Yellen: Russia invasion will have 'enormous repercussions'

Treasury Secretary Janet Yellen is telling a House panel that Russia’s actions in Ukraine “will have enormous economic repercussions in Ukraine and beyond.”

Via AP news wire
Wednesday 06 April 2022 15:47 BST
Russia Ukraine War Yellen
Russia Ukraine War Yellen (Copyright 2022 The Associated Press. All rights reserved)

Your support helps us to tell the story

From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.

At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.

Your support makes all the difference.

Treasury Secretary Janet Yellen warned a House panel Wednesday that Russia’s aggression in Eastern Europe will have "enormous economic repercussions in Ukraine and beyond.”

“Globally, spillovers from the crisis are heightening economic vulnerabilities in many countries that are already facing higher debt burdens and limited policy options as they recover from COVID-19," Yellen said in remarks prepared for delivery to the House Financial Services Committee. They were part of her annual testimony on the state of the international financial system.

Yellen said Russia's invasion “including the atrocities committed against innocent Ukrainians in Bucha, are reprehensible, represent an unacceptable affront to the rules-based global order, and will have enormous economic repercussions for the world.”

Her prepared remarks also touched on the need for food and energy security and debt sustainability globally, and included a request for Congress to provide support to the International Monetary Fund and World Bank organizations, which have provided grants and humanitarian funds financing to the world’s poorest and most vulnerable.

The United States and Western allies have imposed an avalanche of sanctions against Russia in the first weeks of the war and administration officials in recent days have put more focus on closing loopholes that Russia might try to use to circumvent them.

“Treasury is committed to holding Russia accountable for its actions so it cannot benefit from the international financial system,” Yellen said the remarks.

Thank you for registering

Please refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in