U.S. Treasury Secretary Janet Yellen said on Wednesday that the U.S. would respond with all sanctions once morest China if China acts aggressively once morest Taiwan, similar to what the U.S. and allies currently impose on Russia for its invasion of Ukraine.
Yellen made the above answer to a question from North Carolina Republican congressman Patrick McHenry during a House Financial Services Committee hearing explaining sanctions once morest Russia.
“We have shown that we can inflict great pain on radical countries, as the sanctions once morest Russia are, and no one should doubt our ability and determination to do the same in other situations,” Yellen told lawmakers.
Yellen also said at the hearing that the Russian-Ukrainian war might have a major impact on the global economy, and mentioned that the White House believes that Russia should be removed from the global financial system to deal with Russia’s brutal and unprovoked invasion of Ukraine, she stressed. “No Russian financial institution can make an exception.”
In addition, it was reported that Yellen told lawmakers on the same day that the United States would not participate in the G20 meeting involving Russia. The conference will be held in Indonesia in November this year.
Yellen said: “President Biden has made it clear that Russia will be excluded from the G20. I have made it clear to my colleagues in Indonesia that if Russia is present in the United States, it will not be present.”
Biden said at a news conference in Brussels last month that Russia should be expelled from the G20, but an agreement from other members would be needed for the proposal to take effect.
