The U.S. wants to see tougher and more effectively enforced sanctions against Russia and additional support for Ukraine, Treasury Secretary Janet Yellen said Thursday during meetings of the Group of 20 leading economies in the Indian technology hub of Bengaluru.
"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 for us," Yellen told reporters.
"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 was speaking on the eve of the anniversary of Russia's invasion of Ukraine, saying sanctions against Moscow are working but that more needs to be done to hobble the Russian war effort while supporting Ukraine.
"We are seeking to strengthen sanctions and make sure that we address violations of sanctions," Yellen said, noting the Russians are seeking alternative ways to "backfill" parts and equipment to replace and repair weapons damaged in the war.
"We have deprived them of many channels they can obtain material that is critical for their defense efforts," Yellen said. "That is a particular focus we have in mind in respect to enforcement of existing sanctions and perhaps with respect to further sanctions."
Yellen said the U.S. expects to provide another $10 billion in assistance to Ukraine in addition to more than $46 billion already given. She commended allies for their direct aid and said the role of the International Monetary Fund in those efforts is "critical."
"We very much want to see the IMF negotiate an agreement to lend to Ukraine," she said, noting the fund's managing director, Kristalina Georgieva, hopes to work out a full program by the end of March.
Yellen said work "could not come soon enough" as well as on extending the Black Sea Grain Initiative that allows shipments from Ukraine and other efforts to improve food security.
Given the "strong language" on the war included in the G-20's final statement at summit meetings in Indonesia in November, Yellen said she believed a strong condemnation of the war and its impact on the world economy is achievable in Bengaluru, though the issue is still under discussion.
In Bali, G-20 leaders declared that most strongly condemned the war, warning the conflict is intensifying fragilities in the world's economy. They finessed divisions among them given that the group includes Russia and also countries like China and India that have significant trade ties with Moscow and have stopped short of outright criticism of the war.
Overall, the G-20 is a forum focused on economic rather than security concerns. In Bengaluru, finance ministers, central bank governors, and other leaders are due to discuss a range of issues, including climate finance, regulating digital currencies, global taxation efforts, and other financial priorities.
Yellen warned China against providing any material support to Russia's war effort, adding talks between the U.S. and China on economic issues would resume at "an appropriate time." Ties between Beijing and Washington have been strained after the downing of a suspected Chinese surveillance balloon that floated over the continental U.S. this month.
Information from Reuters and The Associated Press was used in this report.
Eric Mack ✉
Eric Mack has been a writer and editor at Newsmax since 2016. He is a 1998 Syracuse University journalism graduate and a New York Press Association award-winning writer.
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