The United States is gearing up to introduce tough new sanctions, targeting individuals and entities in countries that are aiding Russia’s military efforts. Treasury Secretary Janet Yellen announced on Tuesday that the measures will be rolled out as early as next week.
“These sanctions will hit those supporting Russia’s war machine, especially intermediaries in third-party countries providing critical resources for their military,” Yellen said during a press conference.
Her remarks coincided with global financial leaders gathering in Washington for the annual meetings of the International Monetary Fund (IMF) and the World Bank. This announcement comes over two and a half years after Russia’s invasion of Ukraine in February 2022, which prompted the U.S. to impose a series of sanctions aimed at crippling Russia’s financial and industrial sectors.
Yellen also took the opportunity to critique the economic policies of former President Donald Trump. She emphasized that the U.S. has “rejected isolationism that harmed both America and the world,” clearly drawing a contrast between the current administration and the previous one.
With the U.S. presidential election just two weeks away, the race between Republican candidate Donald Trump and Democrat Vice President Kamala Harris is heating up. Economic issues remain a key concern for voters, with polls indicating a tight race.
Yellen underscored the benefits of the current administration’s global economic strategy, stating, “Under Democratic leadership, we’ve prioritized international cooperation that benefits economies worldwide, while delivering real advantages to the American people.”
Even though inflation has cooled down since its peak in 2022, households are still feeling the pinch from elevated living costs. The Federal Reserve has begun to lower interest rates, which may provide some relief to borrowing costs in the near future.
Meanwhile, during the IMF and World Bank meetings, Yellen called for more robust efforts to assist nations struggling with debt. She confirmed that President Joe Biden’s administration remains committed to improving frameworks designed to help countries in financial distress.
