Russia’s Economy has become increasingly Isolated and the United States supports the freedom war of Ukraine : US Treasury Secretary Janet Yellen

The United States provided $46 million in security, economic and humanitarian assistance to Ukraine. The Military assistance of the United States includes key defence of weapons, and the patriotic missile defence system that Ukraine asked for. United States economic assistance is making Ukraine’s resistance possible by supporting the home front, funding critical public services, and helping keep the government running. In the coming time, additional 10 million dollars of economic support would be provided to Ukraine by the US government.” Stated by US Treasury Secretary Ms. Janet Yellen at the G20 Finance Ministers and Central Bank Governors Ministerial in Bengaluru today.

Janet talked in detail about the Russia-Ukraine war, progress on the global economy, the global energy market, multilateral development banks as well as work on challenges. She said, “We have seen the bravery of the Ukrainian militants on the battlefield and the strength of the Ukrainian people. The United States supports the freedom war of Ukraine. Since the early days of Russia Ukraine war, the United States has partnered with multi-lateral correlations of over 30 countries to impose a severe economic cost on Russia’s brutal assault. Our twin goals are to degrade Russia’s Military-industrial complex and reduce the revenues that it can use to fund its war.” She said that in receiving the impact of these actions the Russian military is struggling to replace over 9000 pieces of heavy military equipment and there is a loss since February 2022. Its suffered production shutdown and key defence industrial facilities. Further, Russia’s economy is becoming increasingly isolated and millions of Russians left the country in the last year. This is putting down with pressure on its productive capacity going forward. President Biden has said we will stand with Ukraine in its fight for as long as its takes. Continuing robust financial support to Ukraine is a major topic of discussion today.

She said that a cap has been placed on the price of Russian crude oil and now a cap has been placed on Russian refined products like diesel and fuel oil. Russian oil prices have fallen substantially. We see signs that there are policies working to reduce Russian revenues and stabilize global energy markets. Russia is now running a significant budget deficit and the sanctions are under control to obtain the materials. Russia is running out of funds. The price caps that have been put on Ruffian oil clearly reducing Russian revenues. Russia is suffering in terms of budget.She further said that the challenges we face regarding global economic slowdown across the world and the future is always uncertain. As per the recent IMF forecast the global growth of 3.2% during 2023 which is a notable upgrade since its October report. The progress of the global macroeconomy is a result of our collective work. Forums like G20 are an important platform for macroeconomic operations. Since last year the United States has committed more than 13 billion dollars in humanitarian and food security assistance. More work would be done on the food security challenges in this G20 meeting. Janet stated, “We need to work together to ease the debt overhanging that is holding back so many countries. Most important to provide debt treatment to Zambia and financial insurance for Sri Lanka. Countries like China should come to the table and understand the needs of Zambia and Sri Lanka. We must make more investments for clean energy transitions. The United States is making investments in room transition through the inflation reduction act.”