The U.S. wants to see tougher and more effectively enforced sanctions against Russia and additional support for Ukraine, Treasury Secretary Janet Yellen said Thursday during meetings of the Group of 20 leading economies in the Indian technology hub of Bengaluru.
"We are seeking to strengthen sanctions and make sure that we address violations of sanctions," she said, noting that the Russians were seeking alternative ways to "backfill" parts and equipment to replace and repair weapons damaged in the war.
"We very much want to see the IMF negotiate an agreement to lend to Ukraine," she said, noting that the fund's managing director, Kristalina Georgieva, hopes to work out a full program by the end of March. In Bali, G20 leaders declared that most strongly condemned the war, warning the conflict is intensifying fragilities in the world's economy. They finessed divisions among them given that the group includes Russia and also countries like China and India that have significant trade ties with Moscow and have stopped short of outright criticism of the war.
She spoke with reporters after meeting with India's finance minister, Nirmala Sitharaman, whom she thanked for India's help in trying to resolve debt crises, particularly for its neighbour, Sri Lanka. The Indian Ocean nation is embroiled in a humanitarian catastrophe, strapped by shortages of food, fuel and medicines, among many things.Many countries face daunting debt "overhangs," Yellen said, after costly efforts to cushion the worst effects of the COVID-19 pandemic.
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