US Treasury Secretary Janet Yellen said the US remained committed to supporting Ukraine and punishing Russia through sanctions without acknowledging forces that could undermine both efforts.
(Bloomberg) — US Treasury Secretary Janet Yellen said the US remained committed to supporting Ukraine and punishing Russia through sanctions without acknowledging forces that could undermine both efforts.
“The United States will support Ukraine alongside our allies for as long as it takes,” Yellen said Wednesday in remarks prepared for delivery to global financial leaders at a meeting in Marrakech, Morocco devoted to the embattled eastern European nation.
Back home in Washington, Republican lawmakers who recently deposed House Speaker Kevin McCarthy are threatening to oppose additional Ukraine aid that President Joe Biden is seeking in his 2024 budget.
Earlier in the day, Yellen deflected a question on the issue, saying she expected bipartisan support for Ukraine, adding, “We’re going to leave it to members of Congress to figure out how to move forward on the promises once a speaker is in place.”
The Treasury chief also pledged to keep up pressure on Russia through sanctions, singling out the US-led oil price cap that she said had “successfully targeted Russia’s key source of revenue.”
Late last month, however, Yellen acknowledged the price cap’s impact on Russian oil profits had waned as Moscow has found ways to evade its reach or break its rules.
She has since said the Group of Seven nations who agreed to impose the cap will look for ways to tighten enforcement, but no plan has been announced. G-7 finance ministers will also gather in Marrakech this week.
The Moroccan city at the foot of the Atlas Mountains is hosting annual meetings of the International Monetary Fund and World Bank this week, as well as a host of gatherings on its sidelines.
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