As She Confronts Russian Officials, Treasury Secretary Says Sanctions Are Working
Yellen pushes back against Vladimir Putin's brutal war in Ukraine
She's grabbing most of the headlines during an economic meeting of the G20 group of nations, for her confrontation of her Russian counterparts for being “complicit” in Vladimir Putin's lawless and barbaric incursion into Ukraine, but Treasury Secretary Janet Yellen also offered an overall picture of how Russia is suffering under the weight of comprehensive economic sanctions.
Attending the G20 session in India, Yellen condemned the “illegal and unjustified war against Ukraine” at a session attended by Russian officials.
“I urge the Russian officials here at the G-20 to understand that their continued work for the Kremlin makes them complicit in Putin’s atrocities,” Yellen said. “They bear responsibility for the lives and livelihoods being taken in Ukraine and the harm caused globally.”
The G20 meeting fell over the one-year anniversary of the Russian leader launching his full-scale invasion of neighboring Ukraine. And Yellen's comments come the same week as President Biden made his remarkable, secret visit to Kyiv, the capital of Ukraine so as to demonstrate long-term solidarity with President Volodomyr Zelensky's efforts to defend his country.
In the months of the war, it's become clear that Russian forces have been violating international law by targeting civilians and civilian facilities like schools and hospitals — up to, and including, evidence of genocide against the Ukrainian people.
In her remarks, Yellen offered a snapshot of the effects of the unprecedented economic sanctions which the United States and its allies have adopted against Russia in response to the invasion.
In all, some 30 nations have joined the sanctions effort, according to Yellen.
“We are seeing the impacts of these actions. The Russian military is struggling to replace over 9,000 pieces of heavy military equipment that it has lost since February 2022,” she said. “It has suffered production shut-downs at key defense-industrial facilities. Further, Russia’s economy has become increasingly isolated. Estimates indicate that nearly a million Russians may have left the country last year. This is putting downward pressure on its productive capacity going forward.
“As President Biden has said, we will stand with Ukraine in its fight – for as long as it takes. We commend our allies for stepping up their direct assistance. And we believe it’s critical that the [International Monetary Fund] move swiftly toward a fully financed program for Ukraine – as they have said they will do,” Yellen added. “Continued, robust support for Ukraine will be a major topic of discussion during my time here in India.”
Work on sanctions is ongoing, Yellen said.
“Working with our partners, we are seeking to strengthen sanctions and to make sure that we address violations of sanctions. And, clearly the Russians are looking for ways and routes to backfill. We’ve deprived them of many channels through which they can obtain the materials that are critical for their defense efforts,” she said. “And they're looking clearly to backfill to obtain that, and that's a particular focus that we have in mind. Both with respect to enforcement and perhaps with respect to further sanctions.”
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