edited by: Shankhneel Sarkar
Last Update: February 24, 2023, 09:35 IST
US Treasury Secretary Janet Yellen speaks during a news conference as G20 finance leaders gather on the outskirts of Bengaluru, India (Image: Reuters)
The US Treasury Secretary also met Finance Minister Nirmala Sitharaman and reiterated the United States’ support for India’s G20 chairmanship in Bengaluru.
US Treasury Secretary Janet Yellen on Thursday said the US would like to see more effective and tougher sanctions on Russia during the G20 Finance Ministers and Central Bank Governors (FMCBG) meeting in Bengaluru chaired by India.
Yellen also met her counterpart, Union Finance Minister Nirmala Sitharaman.
During the meeting, the crisis in Ukraine was widely discussed, and Yellen said the US and its allies were continuing to work on sanctions. Yellen pointed out that the Russian economy has been able to offset some of the negative effects of sanctions.
Yellen said, “Although by some measures the Russian economy has recovered better than initially expected, Russia now runs a significant budget deficit.”
“Russia is now running a significant budget deficit. Because of our restrictions in our export controls it is finding it extremely difficult to obtain the material it needs to replenish its war stockpile,” said the former US Federal Reserve chief.
Yellen reiterated the Biden administration’s claim that Russian oil revenues were 60% lower than in the immediate aftermath of the invasion.
He also pointed out that the cap on the prices of Russian refined products such as diesel and fuel oil, following the Russian crude price cap earlier this month, has resulted in a shortfall in revenue.
“We see clear signs that our policy is working to reduce Russian revenues and stabilize global energy markets,” Yellen said.
“We will continue to impose further sanctions. We are working with our allies to reduce Russia’s ability to fight this unjust war,” Yellen said.
“We continue to see emerging markets negotiate deep discounts on Russian oil – which keeps oil in the global market but sharply undercuts the Kremlin’s takeover,” he added.
Yellen thanked her counterpart for her hospitality during her meeting with Nirmala Sitharaman and reiterated the United States’ support for India’s G20 presidency.
Yellen and Sitharaman discussed cooperation on the development of multilateral development banks and encouraged stronger health-finance coordination.
He appreciated India’s efforts to “take a leadership role in promoting sovereign debt restructuring, encouraging expeditious G20 efforts on existing debt restructuring matters”.
(With inputs from Abhishek Jha)
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