The United States is preparing to announce strong new sanctions as early as next week, aimed at individuals and entities in countries supporting Russia’s military efforts, Treasury Secretary Janet Yellen revealed on Tuesday.
Speaking at a press conference during the annual meetings of the International Monetary Fund (IMF) and World Bank in Washington, Yellen stated, “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.”
These upcoming measures follow over two and a half years of sanctions imposed by the U.S. in response to Russia’s invasion of Ukraine in February 2022.
The sanctions have been designed to hit Russia’s revenues and industrial capacity hard.
During her remarks, Yellen also appeared to criticize former President Donald Trump’s economic approach, stating, “The United States has rejected isolationism that made America and the world worse off.”
She highlighted that under the current Democratic administration, Washington has pursued “global economic leadership that supports economies around the world and brings significant benefits to the American people and the U.S. economy.”
With the U.S. presidential election just two weeks away, the economy remains a crucial issue for voters.
Republican candidate Donald Trump is running against Democrat Vice President Kamala Harris, and polls suggest that the two are in a close race, with Trump seen by some as having an edge on economic issues.
Yellen emphasized the Biden administration’s commitment to improving the global economy, particularly for nations struggling with debt.
She stated that the U.S. government would continue pushing for improvements to international frameworks designed to assist countries in debt distress, underscoring the administration’s focus on global economic stability.
As American households grapple with the rising cost of living, even as inflation has cooled and interest rates have started to fall, economic concerns are expected to play a central role in the upcoming election.
AFP
