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US to Unveil New Sanctions Against Russia, Targets Secondary Entities Aiding Kremlin's War Efforts
The US plans to impose new sanctions on Russia, targeting entities supplying critical military items, as part of ongoing efforts to curb Moscow's war efforts in Ukraine, according to US Treasury Secretary Janet Yellen.
Flag, us, america, and usa by Christopher Skor (@senorskor) (Unsplash)
The United States is set to announce new sanctions as early as next week aimed at curbing Russia's Ukraine war efforts, according to US Treasury Secretary Janet Yellen. Speaking at the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, Yellen stated that the sanctions will target secondary entities in countries supplying Russia with critical items used by its military.
"We will unveil strong new sanctions targeting those facilitating the Kremlin's war machine, including intermediaries in third countries that are supplying Russia with critical inputs for its military," Yellen said.
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The move comes as the European Parliament approved a loan of up to 35 billion euros ($38 billion) for Ukraine's defense and reconstruction, to be repaid using future revenues from Russian central bank assets frozen abroad. The US expects to contribute $20 billion to the overall $50 billion loan package being negotiated by the Group of Seven and EU allies.
Yellen also highlighted the US Treasury Department's efforts to unlock the economic value of frozen Russian sovereign assets to aid Ukraine. Britain has also announced its readiness to provide Ukraine with a loan of 2.26 billion pounds sterling ($2.93 billion), to be repaid from the proceeds of frozen Russian assets.
Russian President Vladimir Putin has criticized the dominance of the US dollar in international transactions and discussed seeking an alternative. However, Yellen sees no other currency as a candidate to replace it.
The IMF released its international outlook on the global economy, upgrading its economic outlook for the United States this year while lowering its expectations for growth in Europe and China. The IMF expects the US economy to expand 2.8 percent this year, down slightly from 2.9 percent in 2023.
Yellen took aim at former President Donald Trump's economic approach, stating that the Biden administration has ended a period of international isolationism that "made America and the world worse off." The US has pursued global economic leadership that supports economies around the world and brings significant benefits to the American people and the US economy.
US economic growth has been "almost twice as fast as most other advanced economies this year and last, even as inflation came down sooner," Yellen noted. Strong consumer spending, fueled by healthy gains in inflation-adjusted wages, has led the growth.
