The Secretary of the Treasury of the US, Janet L. Yellen, has made a strong statement at a press conference in Beijing. She warned Chinese companies and financial institutions against assisting Russia by circumventing sanctions.
“President Biden and I are determined to do all that we can to stem the flow of material that is supporting Russia’s defense industrial base and helping it to wage war against Ukraine. We continue to be concerned about the role that any firms, including those in the People’s Republic of China (PRC), are playing in Russia’s military procurement.” – said Janet L. Yellen
She emphasized that companies in China must not provide material assistance to Russia’s war efforts and will face significant repercussions if they do so.
“I reinforced that any banks that facilitate significant transactions that channel military or dual-use goods to Russia’s defense industrial base expose themselves to the risk of U.S. sanctions.” – stressed the Secretary of the Treasury.
Before making this statement, Janet L. Yellen met Vice Premier He Lifeng of the PRC. Secretary Yellen explained that the U.S. economy remains resilient and has been a key driver of global growth. She acknowledged significant headwinds and risks to the global economy, including the need for Russia to end its war against Ukraine.
