WASHINGTON (BLOOMBERG) – Treasury Secretary Janet Yellen stated she sees no indicators that Russia is at the moment skirting US and European sanctions over the struggle in Ukraine by tapping its deepening ties with China.
“I’ve not seen evidence that China is providing Russia with any significant workaround for our sanctions,” Dr Yellen stated in an interview with CNBC on Thursday (March 10).
“Chinese banks do a lot of business with the West. They care very deeply about their relationship with the United States and European financial systems, and they seem to be very cautious in their willingness to do business with Russia.”
The Treasury chief declined to touch upon what the Biden administration would possibly do if it did see indicators of Beijing serving to Moscow to get across the welter of sanctions put in place by the US and its allies.
Commerce Secretary Gina Raimondo earlier this week vowed to vigorously implement export controls on Russia and stated the US can be on guard in opposition to Chinese semiconductor firms that may attempt to get across the sanctions.
“China does buy Russian oil, but I think that our sanctions are limiting Russia’s ability to sell to China and other countries,” Dr Yellen stated earlier Thursday in an interview webcast on Washington Post Live.
She additionally stated on CNBC that “conceivably there could be some partial relief for Russia through that channel but I don’t think that anything will happen through China – or at least I am not seeing any evidence of it – that would significantly mitigate the crushing burden of what we’ve done.”
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China hasn’t joined in sanctioning Russia’s financial system over its neighbour’s invasion of Ukraine, and has as a substitute examined tightening its financial ties.
Beijing is contemplating shopping for or growing stakes in Russian power and commodities firms, comparable to fuel big Gazprom PJSC and aluminum producer United Co Rusal International PJSC, individuals acquainted with the matter stated earlier this week.
Dr Yellen stated within the Washington Post stay occasion that she didn’t count on European international locations to comply with the US in banning imports of Russian fuels, citing the area’s dependence on Russian fossil fuels.
“We recognise that not all countries are in the same position in terms of their ability to cut off shipments of oil and gas from Russia,” she stated.
Dr Yellen additionally reiterated that the Biden administration is ready for additional steps in opposition to Russia amid the persevering with invasion.
Follow The Straits Times’ stay protection on the Ukraine disaster right here.
