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US Treasury Sec Yellen: Much IMF, World Bank and G20 focus this week on Russia's war in Ukraine
US Treasury Secretary Janet Yellen on Thursday said that a significant amount of the focus at this week's IMF, World Bank and G20 meetings has been on Russia's "reckless, devastating" war in Ukraine, reported Reuters.
Additional Takeaways:
- Shared the US's commitment for another $500 million in aid to be sent to Ukraine with the Ukrainian Prime Minister.
- Ukraine needs urgent will deploy aid as quickly as possible.
- The US and its allies agreed to tighten the vice of sanctions against Russia.
- The US is doing everything it can to address food security risks from the Ukraine war.
- A top priority is to end the Covid-19 pandemic and overcome the hurdles of vaccinating the world population.
- An objective with sanctions on Russia has been to impose maximum pain on Russia while mitigating the impact on US allies.
- The US needs to be careful about a complete European ban on imports of Russian energy as this would increase oil prices.
- The proceeds from oil and gas sales are an important revenue source for Russia and it would be desirable to reduce those.
- There will be more specific details on bolstering food supplies in the coming weeks.
- Measures on supply and demand side are important for food security.
- US supply chains are not secure and are not resilient.
- Producing everything at home would be more expensive. Ideally, trusted partners could help provide efficiencies.
Author
Joel Frank
Independent Analyst
Joel Frank is an economics graduate from the University of Birmingham and has worked as a full-time financial market analyst since 2018, specialising in the coverage of how developments in the global economy impact financial asset
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