Yellen says goal without hurting US is “maximum pain” for Russia

WASHINGTON – Treasury Secretary Janet L. Yellen said on Wednesday that the United States would continue to take steps to isolate Russia from the global financial system in response to its aggression in Ukraine, arguing that sanctions already imposed would do serious harm to Russia. Economy

His remarks came before the House Financial Services Committee when the United States, Russian banks and state-owned enterprises and President Vladimir V. Putin has released a new array of sanctions on adult children The White House has banned Americans from making new investments in Russia, wherever they may be.

“From the beginning, our goal has been to inflict maximum suffering on Russia, while at the best of our ability, to protect the United States and our partners from unnecessary economic losses,” Ms. Yellen told lawmakers.

Ms Yellen also told lawmakers she believed Russia should be further isolated from the geopolitical system, including closing international gatherings such as the Group of 20 meeting this year and condemning it at this month’s meeting of the International Monetary Fund. . And the World Bank.

Ms Yellen, whose department is developing a number of punitive economic measures, has rejected criticism that the fines imposed so far have not been effective because there are some exceptions to allowing Russia to sell power.

“Unfortunately, many of our European partners are heavily dependent on Russian natural gas, as well as oil, and they are committed to overcoming this dependence as soon as possible,” said Mrs. Yellen.

Ms Yellen argued that Russia’s aggression in Ukraine emphasized the need for investment in the independence of the United States and other countries so that “dictators” could not control the price and availability of global energy supplies. He added that the focus should be on moving away from fossil fuels and towards renewable energy.