US Treasury: It cannot be business as usual for Russia at G20

On Wednesday, April 6th, US Treasury Secretary Janet Yellen warned a House panel that the tension in Eastern Europe will have “enormous economic repercussions in Ukraine and beyond.” “Globally, spillovers from the crisis are heightening economic vulnerabilities in many countries that are already facing higher debt burdens and limited policy options as they recover from COVID-19,” during her annual testimony on the state of the international financial system, Yellen told the House Financial Services Committee. Yellen stressed that Russia’s action will have “enormous economic repercussions for the world.” Up until now, the United States and Western allies have imposed an avalanche of sanctions against Russia, and administration officials in recent days have put more focus on closing loopholes that Russia might try to use to circumvent them. “The Treasury is committed to holding Russia accountable for its actions so it cannot benefit from the international financial system,” Yellen told the committee. In the following session of questioning, she says the Treasury will try its best to minimize Russia’s role in leading international financial organizations like Financial Action Task Force, Financial Stability Board and International Monetary Fund. Asked whether Russia should continue to be a part of the G20, Yellen cited the US President Joe Biden’s earlier comment on this topic, saying that “it cannot be business as usual for Russia in any financial institutions.” She added that she had “made clear to my colleagues in Indonesia that we will not be participating in a number of meetings if the Russians are there.” Nevertheless, Yellen noted that removing Russia from any of these institutions is not a unilateral decision that can be made by the US. The comment came two weeks after Russia announced that President Vladimir Putin intends to attend a G20 summit being hosted by Indonesia later this year. Right now, Western officials are pondering on their response to the Russian President’s possible attendance. A Bloomberg article wrote that beside leaving the meetings just like what the US prepared to do, some leaders might send delegations, or dial in virtually. According to people familiar with the discussions among member countries, the meeting could even end without a formal communique for the first time. SMG News、 ShanghaiEye.com Yi Pan, Meixing Ren Contributed to this article __________________ Powered by Shanghai Media Group, ShanghaiEye focuses on producing top-quality content for Facebook, Twitter, Instagram and Youtube. Nobody knows Shanghai better than us. Please subscribe to us ☻☻☻ __________________ For more stories, please click ■ What's up today in Shanghai, the most updated news of the city    • Playlist   ■ Amazing Shanghai, exploring the unknown corners of the city, learning the people, food and stories behind them    • Amazing Shanghai and China 淘宝魔都玩转中国   ■ What Chinese people's lives are like during the post COVID-19 period    • COVID-19 新冠疫情   ■ Views of foreign scholars on China and its affairs    • Voices, Let's Listen! 听她他说   ■ Foreign faces in Shanghai, people living in this city sharing their true feelings    • Playlist   ■ Mini-docs showing why China is the country it is today    • Stories & Documentary 奇闻逸事记录中国   __________________ ☎Leave us messages if you have any suggestions or questions! Thank you!