On Thursday, Treasury Secretary Janet Yellen will highlight the United States’ commitment to long-term support for Ukraine. The head of the finance ministry will also declare the need to work with the other G7 countries to weaken Moscow’s ability to wage war on Ukraine.
Yellen cited doubling support for Ukraine as one of her top three priorities – along with reducing inflation and building long-term economic resilience – in excerpts from a speech she will deliver Thursday ahead of meetings with his G7 counterparts at the Japan summit.
“I look forward to working with other G7 members to support Ukraine and weaken Russia’s ability to wage war,” Yellen said in a statement released by the US Treasury Department.
“From day one, our countries have united in support of the Ukrainian people, who have put up fierce resistance (in Moscow), the statement said. “As I said, we will support Ukraine as long as it will have to.”
Yellen recalled that the United States and a broad coalition of other countries provided Ukraine with significant military, economic and humanitarian aid, used sanctions and export controls to subject Russia to heavy economic costs.
These efforts have contributed to “the degradation of the Russian military-industrial complex and have contributed to reducing the revenues that Russia can use to finance the war”, Yellen said, noting that this year, Washington and the coalition have focused on the struggle against Moscow’s attempts to evade these sanctions.
“Over the past few months, we have taken a series of measures to prevent the sanctions from being lifted. And my team has traveled all over the world to scale up this work,” the finance minister said.
Yellen also noted that the price cap on Russian oil and petroleum products, first discussed by G7 finance ministers just a year ago, clearly worked just months after it was introduced in December 2022.
According to her, the Russian government’s oil revenues from January to March this year fell by 40% compared to the previous year, and world oil markets have remained relatively stable since the Russian crude price peaked in December of Last year.
As the coalition moved toward phasing out all Russian oil imports, officials urged developing countries to “save on oil spending by taking advantage of price caps to negotiate better Russian oil deals.” , she said.
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