Yellen alerts that battle in Ukraine will have ‘huge’ global economic hit
Key takeaways:
- Treasury Secretary Janet Yellen warned Wednesday that Russia’s invasion of Ukraine “will have huge economic repercussions for the world.”
- She added that the U.S. is working with international organizations to offer help to Ukraine and boycott Russia.
- Yellen also reiterated the White House’s commitment to the fight against the Covid-19 pandemic, emphasizing vaccine availability and preparing to manage outbreaks.
Treasury Secretary Janet Yellen warned Wednesday that Russia’s invasion of Ukraine could cause a significant impact on the global economy.
“Russia’s actions, including the horrors committed against innocent Ukrainians in Bucha, are offensive, represent an inappropriate insult to the rules-based global order, and will have huge financial repercussions for the world,” Yellen told a House of Representatives panel in a hearing on the world’s financial system.
Along with that dour outlook, Yellen stated that global institutions such as the International Monetary Fund and World Bank are working together to help Ukraine and sanction Russia.
She added that the White House believes Russia should be cut off from the international monetary system to avenge its “brutal and unprovoked attack on Ukraine.”
“It cannot be business as normal for Russia in any financial institutions,” Yellen stated.
However, she stated that European nations are always reliant on natural gas from Russia, necessitating the need to license Russia-based firms.
Earlier in the morning, the administration summarized a fresh round of sanctions against Russia, including fines against President Vladimir Putin’s kids and bans on new investment in Russia.
Along with the comments on the war, Yellen repeated the White House’s commitment to the fight against the Covid-19 pandemic, emphasizing vaccine availability and readiness to handle outbreaks.