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.
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