Yellen warned that the war in Ukraine would have a “huge” global economic impact

U.S. Treasury Secretary Janet Yellen testifies before the House Financial Services Committee hearing on “The State of the International Financial System” on April 6, 2022, in Capitol Hill, Washington, USA.

Tom Brenner | Reuters

Treasury Secretary Janet Yellen warned on Wednesday that Russia’s invasion of Ukraine could be a major blow to the world economy.

“Russia’s actions, including the atrocities committed against innocent Ukrainians in Bouche, are reprehensible, represent an unacceptable insult to the rule of law and have a huge economic impact on the world,” Yellen told a panel of representatives at a hearing. On the world financial system.

In addition to that pessimistic view, Yellen said that global institutions such as the International Monetary Fund and the World Bank are working together to provide assistance to Ukraine and to approve Russia.

He added that the White House believes that Russia should be isolated from the global financial system in retaliation for “brutal and unpleasant attacks on Ukraine”.

“It cannot be a normal business for any financial institution for Russia,” Yellen said.

However, he noted that European countries are still dependent on natural gas from Russia, requiring the licensing of Russia-based companies.

Earlier in the day, the administration outlined new sanctions against Russia, including fines on the children of President Vladimir Putin and a ban on new investment in Russia.

In addition to commenting on the war, Yellen reiterated the White House’s commitment to fighting the Kovid-19 epidemic, emphasizing the availability of vaccines and preparedness to deal with the outbreak.

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