US Treasury Secretary Janet Yellen warned in Washington that the invasion of Ukraine could cause a major blow to the world economy,” explaining that the International Monetary Fund (IMF) and the World Bank (WB) are working together to provide aid and sanction Russia.
“Russia’s actions, 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.”Yellen affirmed in a hearing before a panel of the House of Representatives, on the world financial system, as revealed by the Bloomberg agency.
Yellen stressed that “global organizations such as the International Monetary Fund and the World Bank are working together to provide aid to Ukraine and sanction Russia,” while noting that “the White House believes that Russia should be cut off from the global financial system in retaliation for its brutal and unprovoked invasion of Ukraine.”
“It can’t be business as usual for Russia, in any of the financial institutions,” Yellen said, to then add that “European nations still depend on natural gas from Russia, which requires the need to obtain licenses for companies based in Russia.”
Washington announced a new round of sanctions against Russia, including sanctions against the sons of President Vladimir Putin and bans on new investments in Russia.
Yellen reiterated the White House’s commitment to the battle against the Covid-19 pandemic, highlighting the availability of vaccines and preparedness to address outbreaks.
