US, allies to crackdown on Russian efforts to avoid sanctions: Janet Yellen
GANDHINAGAR : The US and its allies are building on actions to crack down on efforts by Russia to evade sanctions, US treasury secretary Janet Yellen said on Sunday. "One of our core goals this year is to combat Russia’s efforts to evade our sanctions. Our coalition is building on the actions we have taken in recent months to crack down on these efforts," Yellen said during a press conference at the sidelines of the third G20 Finance and Central Bank Deputies (FCBD) meeting.
"We will also continue to cut off Russia’s access to the military equipment and technologies that it needs to wage war against Ukraine," she added. Interestingly, India emerged as a key consumer of Russian oil following the invasion of Ukraine. India's crude oil imports from Russia reached a record high in May.
Russian purchases had then exceeded the combined shipments from Saudi Arabia and Iraq. India, the chair of the G20 presidency this year, has maintained a strategic neutrality when it comes to the Russian invasion of Ukraine. Yellen also said she was eager to build on the groundwork with China on several areas of mutual interest, including the restructuring of debt in poor countries.
"As the world’s two largest economies, we have an obligation to the people in our nations and the world to cooperate on areas of mutual concern," Yellen said. "Last week’s visit served as a step forward in putting our relationship on surer footing and establishing a resilient and productive channel of communication," she added. Meanwhile, with regards to the first part of the G20 MDB (Multilateral Development Bank) Experts Group report, penned by a panel headed by NK Singh and Larry Summers, Yellen said the MDB will need reforms before capital increases could be
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