Treasury Secretary Janet Yellen said Wednesday that the Russian attack on Ukraine could result in severe damage to the global economy.
“Russia’s actions, including the atrocities committed against innocent Ukrainians in Bucha, are reprehensible, represent an unacceptable affront to the rules-based global order, and will have enormous economic repercussions for the world,” Yellen told a House of Representatives panel in a hearing on the world’s financial system.
Yellen added that global organizations like the International Monetary Fund and World Bank are trying to find solutions that could help Ukraine, and put more sanctions against Russia.
According to her, the White House believes Russia should be isolated from the global financial system because of its “brutal and unprovoked invasion of Ukraine.”
“It cannot be business as usual for Russia in any of the financial institutions,” she added.
Nonetheless, Yellen said that European nations are still entitled to Russian natural gas.
Earlier on Wednesday, the administration outlined a new round of sanctions against Russia including penalties against Russian President Vladimir Putin’s children as well as prohibitions on new investment in Russia.
In parallel with her comments on the war, Yellen emphasized the White House’s commitment to its battle against the Covid-19 pandemic.