Yellen warns of lasting global economic ramnfications of Russia-Ukraine war
"Russia's actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in Ukraine and beyond," Yellen said during her testimony before the House Financial Services Committee
• Janet Yellen condemned the war and the described the attacks as 'brutal'
US Treasury Secretary Janet Yellen warned that Russia’s continued attack on Ukraine could have lasting economic ramnifications across the globe.
"Russia's actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in Ukraine and beyond," Yellen said during her testimony before the House Financial Services Committee.
She conveyed the White House’s belief that Russia should be cut off from the global financial system for its “brutal and unprovoked invasion of Ukraine.”
“It cannot be business as usual for Russia in any of the financial institutions,” Yellen said.
Over the weekend, horrific images of civilian corpses lining the street, emerged from the city of Bucha.
Yellen described Russia's invasion as "brutal and unprovoked.".She reiterated the Treasury Department’s committment to holding Russia "accountable for its actions."
On Wednesday, the Biden administration imposed new sanctions on Russian banking institutions -- Sberbank and Alfa Bank -- as well as individuals, including Russian President Vladimir Putin's adult daughters.
The various economic sanctions imposed by the West cannot hace much effect as long as the European Union relies on Russian oil to meet their energy needs.
“The issue with blocking oil exports from Russia is that many countries, especially in Europe, are very dependent on that oil. And we're likely going to see skyrocketing prices if we did put a complete ban on oil,” she added.
Inputs from CNN
