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WASHINGTON — Treasury Secretary Janet L. Yellen stated on Wednesday that america would proceed taking steps to chop Russia off from the worldwide monetary system in response to its invasion of Ukraine and argued that the sanctions already imposed have taken a extreme toll on the Russian economic system.
Her feedback earlier than the Home Monetary Companies committee got here as america rolled out a brand new array of sanctions on Russian banks and state-owned enterprises and on the grownup youngsters of President Vladimir V. Putin. The White Home additionally introduced a ban on Individuals making new investments in Russia regardless of the place they’re based mostly.
“Our purpose from the outset has been to impose most ache on Russia, whereas to the perfect of our capability shielding america and our companions from undue financial hurt,” Ms. Yellen advised lawmakers.
Ms. Yellen additionally advised lawmakers that she believed Russia needs to be additional remoted from the geopolitical system, together with being shut out of worldwide gatherings such because the Group of 20 conferences this 12 months and that it needs to be denounced at this month’s conferences of the Worldwide Financial Fund and the World Financial institution.
Ms. Yellen, whose division has been crafting most of the punitive financial measures, rebutted criticism that the penalties leveled to date had not been efficient, partly as a result of there are some exceptions to permit Russia to promote vitality.
“Sadly, a lot of our European companions stay closely depending on Russian pure gasoline, in addition to oil, and they’re dedicated to creating the transition away from that dependence as quickly as potential,” Ms. Yellen stated.
Ms. Yellen argued that Russia’s invasion in Ukraine underscored the necessity for america and different international locations to put money into turning into vitality impartial in order that “dictators” don’t management the worth and availability of worldwide vitality provides. She added that transferring away from fossil fuels and towards renewable vitality needs to be prioritized.
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Supply- nytimes