US: Yellen’s challenge is to maintain pressure against Russia and deal with global crises

US Treasury Secretary Janet Yellen and other US officials will this week face the challenge of maintaining the pressure campaign against Russia while championing initiatives to deal with growing global crises, such as food security. .

The war between Russia and Ukraine and the resulting sanctions imposed on Moscow will loom over the meetings of finance ministers from around the world at the International Monetary Fund (IMF) and World Bank event in Washington in the coming days.

Although they have brought the US even closer to its allies, the sanctions have exposed deep differences in the group of 20 largest economies, the G-20, also made up of Russia, China and India.

Yellen is expected to boycott some G-20 meetings this week that will include Russian officials. Last week, she warned against strengthening economic ties with Russia following the sanctions, particularly highlighting China.

US Deputy Treasury Secretary Wally Adeyemo said on Monday that he hoped the US and allies would “take decisive action to prevent countries, companies and individuals from helping Russia evade our sanctions”.

Among countries that have not joined US efforts against Russia, Brazil, India and South Africa will also be closely monitored by the White House, analysts said.

Yellen will meet with the South African finance minister this week and Adeyemo will meet with the president of the Brazilian Central Bank, Roberto Campos Neto.

Along with Russia and China, Brazil, India and South Africa are part of the G-20 and are also part of an informal group of economies known as BRICS.

Yellen will also meet with Saudi Arabia’s finance minister, a G-20 member who collaborates with Russia on oil production and has rejected US requests to expand its supply since the Ukraine invasion to help reduce pressure on the country. global energy costs. Source: Dow Jones Newswires.