Treasury Secretary Janet Yellen will underline on Thursday the United States’ commitment to continue supporting Ukraine for as long as needed, while working with other wealthy countries to reduce Russia’s ability to lead a war against its neighbour.
Ms. Yellen indicated that strengthening support for Ukraine was one of her top three priorities, along with reducing inflation and building long-term economic resilience, in excerpts from remarks she made. She will speak later in the day on Thursday, ahead of meetings with her wealthy Group of Seven country counterparts in Japan.
“I look forward to coordinating with other G7 members to support Ukraine and reduce Russia’s ability to wage war,” she said in remarks released by the Treasury, as the war approaching its 450th day.
“Since day one, our countries have united to support the Ukrainian people in their relentless resistance. “As I said before, we will stand by Ukraine for as long as it takes.
Ms. Yellen said the United States and a broad coalition of other countries had provided significant economic, security and humanitarian assistance to Ukraine, while using sanctions and export controls to impose heavy economic costs on the country. Russia.
These efforts have “systematically degraded Russia’s military-industrial complex and contributed to reducing the revenues that Russia can use to finance its war,” she said, noting that Washington and the coalition have focused this year on the fight against Russia’s efforts to evade these sanctions.
“We have taken a series of measures over the past few months to combat escape. And my team has traveled around the world to intensify this work,” she said.
Undersecretary of the Treasury Brian Nelson and other officials have used meetings in recent weeks to highlight how they believe Russia is circumventing sanctions to acquire electronics, optics and other equipment.
Ms Yellen also said the price cap on Russian oil and petroleum products, first discussed by G7 finance ministers just a year ago, was clearly working within months of its implementation in December. and in February respectively.
Russian government oil revenues from January to March this year were more than 40% lower than a year earlier, and global oil markets have remained relatively stable since the imposition of the crude oil price cap in last December, she said.
As the Price Cap Coalition works to phase out all Russian oil imports, officials are encouraging developing countries to “save on their oil costs by taking advantage of the price cap to negotiate good deals on the market.” Russian oil,” she added.
The US Treasury director said she looked forward to working with several other countries, including Brazil, India and Indonesia, invited by this year’s host Japan to participate in meetings this week.
2023-05-11 00:05:58
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