Countries that seek benefits by not condemning Russia’s “disgusting war” against Ukraine are taking a common-sense approach and will have consequences if they undermine Western sanctions, US Treasury Secretary Janet Yellen said today.
The United States and its allies “will not be indifferent” to actions that undermine the sweeping sanctions imposed on Moscow and Russian President Vladimir Putin for the invasion, warned on the basis of the text of her speech prepared for the Atlantic Institute event. Council.
Glenn said the war between Russia and Ukraine had redefined the global economic outlook and that the Biden government was determined to hold Russia accountable for its “horrific behavior” and violations of international law.
“Rest assured, until Putin puts an end to the heinous war he has chosen, the Biden administration will work with our partners to lead Russia further into economic, financial and strategic isolation,” he said.
The Russian invasion has pushed many countries and companies to take a united stand and sever business ties with Moscow in a way that could help shape the global response to other “unmet global challenges,” Yellen said.
However, some countries “still remain uninvolved, perhaps seeing an opportunity to gain something by maintaining their relationship with Russia and filling the gap left by others,” Yellen said, without naming specific countries.
“Such incentives are short-sighted. The future of our international order is at stake, both for peaceful security and for economic prosperity,” Yellen said. “Let us be clear, the united alliance will not be indifferent to the actions that undermine the sanctions we have set.”
Glenn’s comments come days after President Joe Biden warned India, which has not imposed sanctions on Moscow, that buying more oil from Russia is not in New Delhi’s interest and could be an obstacle to a US response to the war. of Ukraine.
Washington and its allies have tried to pressure India, China and other “non-aligned” countries to take a clear stand against Russia and what Moscow calls a “special military operation.”
Glenn said a multilateral approach had enabled the G7 developed economies to incur significant costs to Russia and made it clear that they were acting in support of a rule-based world order that protects peace and prosperity.
The US Secretary of State said the same approach – and shared values ​​- could help resolve other major issues, such as climate change, ending the COVID-19 pandemic and supporting low-income countries.
According to Glenn, changes are also needed to “modernize our existing institutions – the IMF (IMF) and multilateral development banks – so that they are appropriate for the 21st century.”
“Some may say that now is not the time for grandiose plans,” she said, referring to the war and the pandemic. “However, I think this is the right time to address the gaps in the international financial system that we are seeing in real time.”
U.S. officials began preparing proposals for the creation of the IMF, the World Bank, and the post-war international financial architecture in 1941, at the beginning of World War II, and now a new architecture is needed, Yellen said.
“As then, we should not wait for a new normalcy. We should start shaping a better future today.”
Source: AMPE
Source: Capital
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