Yellen: U.S. and Europe Stand Firm in Supporting Ukraine
U.S. Treasury Secretary Janet Yellen reiterated the commitment to support Ukraine, emphasizing its importance in countering Russia’s invasion. She addressed the Eurogroup euro zone finance ministers, stressing the need for robust and uninterrupted assistance to Ukraine. Yellen also highlighted the Biden administration’s plans to provide military aid to both Ukraine and Israel. However, she did not comment on the escalating crisis in the Middle East.
Yellen acknowledged that some Republicans in Congress, like Ohio Representative Jim Jordan, have questioned funding for Ukraine. Additionally, certain EU countries, including Hungary, have challenged Brussels’s plans. Ukrainian Finance Minister Serhiy Marchenko expressed concerns over the increasing difficulty in securing financial support.
To ensure additional revenue, Yellen proposed utilizing windfall proceeds from Russian sovereign assets immobilized in clearing houses to support Ukraine. She applauded the European Union’s 50 billion euro Ukraine Facility, emphasizing the need for economic and reconstruction support with low or zero interest rates.
Yellen emphasized the importance of imposing increasing costs on Russia for its actions, including through a G7-led price cap on Russian oil and a crackdown on sanctions evasion. She also emphasized the need for collaboration between the U.S. and EU to address economic ties with China, including restrictions on certain outbound investments in sensitive technologies.
Yellen highlighted the shared risks and vulnerabilities between the U.S. and EU and emphasized the importance of building resilience together. She mentioned ongoing efforts toward a U.S.-EU critical minerals agreement to mitigate shocks like those seen during the COVID-19 pandemic.
Summary: U.S. Treasury Secretary Janet Yellen reaffirmed the United States’ and Europe’s commitment to supporting Ukraine in its struggle against Russia’s invasion. She emphasized the need for robust assistance and proposed utilizing windfall proceeds from Russian assets to provide additional support. Yellen also discussed the importance of imposing costs on Russia and collaborating with the EU on economic ties with China. The U.S.-EU partnership aims to build resilience and ensure a free and prosperous Europe.
