US Treasury Secretary appeals to China to use ‘special relationship’ with Russia to help end war Janet Yellen and Mario Marcel (Central Bank of Chile/Released)
This article was originally published by Radio Free Europe/Radio Liberty and is reprinted with permission.
U.S. Treasury Secretary Janet Yellen has appealed to China to help end Russia’s war in Ukraine and warned against any attempts to undermine sanctions against Moscow.
In a speech in Washington on April 13, Yellen said she hopes China will make something positive out of its recently affirmed “special relationship” with Russia to help end the war and said Beijing’s standing in the world will suffer if it fails to do so.
“The world’s attitude towards China and its willingness to embrace further economic integration may well be affected by China’s reaction to our call for resolute action on Russia,” Yellen said in her speech to the Atlantic Council, a nonpartisan U.S. think tank.
Yellen also stressed that the Biden administration is resolute in its commitment to hold Russia accountable for its “horrific conduct” and its violations of international law, warning that those who seek to undermine Western sanctions face consequences.
“The unified coalition will not be indifferent to actions that undermine the sanctions we’ve put in place,” she said, adding that experts around the world are “carving new paths in our technical work to target, monitor, and enforce sanctions.”
Biden’s multilateral approach has enabled the Group of Seven (G7) advanced economies to impose significant costs on Russia, Yellen said, making clear that the G7 countries acted on behalf of a rules-based global order, which protects peace and prosperity.
Until Russian President Vladimir Putin ends his “heinous war of choice,” she said the Biden administration will work with its partners to push Russia further toward economic, financial, and strategic isolation.
“The Kremlin will be forced to choose between propping up its economy and funding the continuation of Putin’s brutal war,” Yellen said.
Yellen’s speech comes as Washington and its allies seek to pressure India, China, and other countries to take a clear stance opposing Russia.
President Joe Biden recently warned India, which has not imposed sanctions on Moscow, that buying more oil from Russia was not in India’s interest and could hamper the U.S. response to the war in Ukraine.
The U.S. Treasury secretary also acknowledged that the war had caused a spike in prices for food, energy, and some metals, fueling inflationary pressures.
The Russian invasion of Ukraine and how world powers should manage its economic impact are expected to take center stage next week when finance ministers and central bank governors convene in Washington for the spring meetings of the International Monetary Fund (IMF) and World Bank Group.
