US Treasury Secretary Janet Yellen today called on China and other countries to help end Russia’s “heinous war” in Ukraine, warning that those seeking to undermine Western sanctions face consequences.
Speaking to the Atlantic Council, a think tank based in Washington, D.C., Yelen said she “fervently” hoped that China would take advantage of its “special relationship” with Russia and said that Beijing’s position on the international political scene would be hit. if he does not.
China can not expect the international community to comply with any future calls from Beijing for sovereignty and territorial integrity if it does not respect these principles in Ukraine “now that counts,” he said.
“The world’s attitude towards China and its willingness to achieve further economic integration may well be influenced by China’s response to our call for decisive action against Russia,” Yellen said.
He stressed that global economic growth would be hit by the Russian invasion of Ukraine and that the Biden government remained committed to holding Russia accountable for its “disgusting behavior” and violations of international law.
“Rest assured that until Putin puts an end to the heinous war he has chosen, the Biden administration will work with our partners to push Russia further into economic, financial and strategic isolation,” he said.
The Russian invasion has pushed many countries and companies to take a united stand and sever business ties with Moscow in a way that could help shape the global response to other “unmet global challenges,” Yellen said.
He warned countries that to this day “remain uninvolved, perhaps seeing an opportunity to gain something by maintaining their relationship with Russia and filling the gap left by others”, that their motives were short-sighted.
He emphasized the need to focus on international security, and said that it was even more important now with the crisis over sanctions.
Glenn’s comments come just days after US President Joe Biden warned India, which has not imposed sanctions on Moscow, that buying more oil from Russia is not in New Delhi’s interest and could be an obstacle to the US response. in the war in Ukraine.
Washington and its allies have tried to pressure India, China and other “non-aligned” countries to take a clear stand against Russia and what Moscow calls a “special military operation.”
Yellen: Global economic growth will be hit by the war in Ukraine
Global economic growth will be hit by the Russian invasion of Ukraine, US Secretary of the Treasury Janet Gellen said today, noting that the war has already boosted food, energy and some metals prices, fueling current inflationary pressures.
“It’s likely to be a blow to global development,” Glenn said at an event hosted by the Atlantic Council, a think tank based in Washington. He added that he was “more concerned about the prospects for a recession” in Europe, which was more vulnerable to disruptions in energy supplies from Russia.
The United States had “a very strong economy and a very strong labor market,” Jellen said, but was faced with “strong wage pressures”, inflation and the possibility of further pressure on the supply chain due to lockdowns for Covid-19 in China.
Asked about the possibility of the US dollar losing its dominant position in the world economy at some point in the future, US Treasury Secretary Janet Glenn estimated that it would be “a long time, if (ever) something like this happened”.
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