WASHINGTON — Treasury Secretary Janet L. Yellen mentioned on Wednesday that the USA 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 the USA rolled out a brand new array of sanctions on Russian banks and state-owned enterprises and on the grownup kids of President Vladimir V. Putin. The White Home additionally introduced a ban on People making new investments in Russia irrespective of the place they’re primarily based.
“Our purpose from the outset has been to impose most ache on Russia, whereas to the most effective of our capacity shielding the USA and our companions from undue financial hurt,” Ms. Yellen informed lawmakers.
Ms. Yellen additionally informed lawmakers that she believed Russia must be additional remoted from the geopolitical system, together with being shut out of worldwide gatherings such because the Group of 20 conferences this yr and that it must 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 power.
“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 attainable,” Ms. Yellen mentioned.
Ms. Yellen argued that Russia’s invasion in Ukraine underscored the necessity for the USA and different international locations to put money into turning into power impartial in order that “dictators” don’t management the value and availability of world power provides. She added that shifting away from fossil fuels and towards renewable power must be prioritized.