Former Treasury Secretary Larry Summers said price caps on Russian energy should be stiffened up to maximize the impact of sanctions on the country as the war in Ukraine hits a year
The former Harvard University president said on Fareed Zakaria GPS Sunday, economic sanctions on Russia haven’t bitten hard because a countries making up a significant part of the world’s GDP, like China, India and Turkey, haven’t participated. Russia’s economy is set to grow by 0.3% this year, the IMF reported, better than the UK or Germany, despite the sanctions and frozen central bank reserves.
The way to win the economic aspect of this, Summers said, is to support Ukraine’s economy, which has left bombed cities and millions destitute. Russian assets should be the ultimate source to pay the bill to rebuild Ukraine, Summers said. In addition to Ukraine, Russian assets should be used to support “the developing world that have paid and suffered enormously from higher food and energy prices because of Russian aggression,” Summers asserted.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
US economy closer to the cliff edge given 4 troubling signs: SummersThe US economy may be inching closer to the cliff edge given these 4 troubling signs, Larry Summers says
Read more »
Chip Gaines buys Larry McMurtry’s Archer City bookstoreThe ‘Fixer Upper’ star hasn’t announced plans yet for the store, which closed after McMurtry died in 2021.
Read more »
Nikki Fried to Take the Reins of Florida’s Battered Democratic PartyThe former agriculture commissioner lost to former Gov. Charlie Christ in last year’s gubernatorial primary.
Read more »
House Republicans seek Treasury testimony in Hunter Biden probeThe Republican-led House Oversight Committee has asked a Treasury Department official to testify in its investigation into the Biden family finances, according to a letter obtained by NBC News.
Read more »
U.S. Treasury Janet Yellen calls for 'strong regulatory framework' for crypto activitiesUnited States Treasury Secretary Janet Yellen stressed the importance of implementing a strong regulatory framework for cryptocurrencies
Read more »
Former San Antonio police officer who shot 17-year-old Erik Cantu appears in courtJames Brennand is accused of shooting at Erik Cantu at least 10 times after approaching...
Read more »