Treasury Secretary Janet Yellen Wednesday called on other countries to ensure no country monopolizes food or energy supplies in the wake of Russia’s special operation in Ukraine.
“We cannot allow countries to use their market position in key raw materials, technologies, or products to have the power to disrupt our economy or exercise unwanted geopolitical leverage,” Secretary Yellen said at the Atlantic Council on the global economy ahead of the IMF/World Bank Spring meetings. “Let’s build on and deepen economic integration. Let’s do it with the countries we know we can count on.”
“Rest assured, until Putin ends his [special operation], the Biden Administration will work with our partners to push Russia further towards economic, financial, and strategic isolation,” she said. “The Kremlin will be forced to choose between propping up its economy and funding the continuation of” special operation.
The Biden Administration has taken numerous actions to sanction Russia along with its Western counterparts to siphon the country off from the global economy since late February. Actions have included isolating Russia’s central bank, banning Russian oil, banning new investment in the country, and cutting off its largest banks and state-owned enterprises from the world financial markets.
