US Treasury Secretary Janet Yellen says 'some global fallout' would result if the West moves ahead with coordinated sanctions against Russia if it attacks Ukraine
Washington is crafting financial sanctions together with European allies that could target Russian"individuals or companies" and"could involve export controls", US Treasury Secretary Janet Yellen says.
If the penalties are imposed, "of course, we want the largest cost to fall on Russia", Yellen said in an interview on Wednesday. "But we recognise that there will be some global fallout from sanctions," she told AFP news agency. Treasury is crafting a set of financial sanctions together with European allies that could target Russian "individuals or companies" and "certainly could involve export controls", she said.
Washington is "working with our European allies to try to, as best as possible, shield them from undue impact" by ensuring supplies that come from other parts of the world are available, Yellen said. Biden and German Chancellor Olaf Scholz urged Moscow on Wednesday to take real steps to defuse tensions.
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