Yellen warns that war in Ukraine will have ‘enormous’ global economic impact

Yellen warns that war in Ukraine will have ‘enormous’ global economic impact


U.S. Treasury Secretary Janet Yellen testifies before a House Financial Services Committee hearing on “the State of the International Financial System,” on Capitol Hill in Washington, U.S., April 6, 2022.

Tom Brenner | Reuters

Treasury Secretary Janet Yellen cautioned Wednesday that Russia’s attack on Ukraine could cause a major hit to the global economy.

“Russia’s actions, including the atrocities committed against innocent Ukrainians in Bucha, are reprehensible, represent an unacceptable affront to the rules-based global order, and will have enormous economic repercussions for the world,” Yellen told a House panel in a hearing on the world’s financial system.

Along with the dour outlook in the war’s impact, Yellen said global organizations such as the International Monetary Fund and World Bank are working together to provide aid to Ukraine and sanction Russia.

She added that the White House believes Russia should be cut off from the system in retribution for its “brutal and unprovoked invasion of Ukraine.”

However, she noted that European nations in particular are still reliant on natural gas from Russia, necessitating the need for licensing of Russia-based companies.

“It cannot be business as usual for Russia in any of the financial institutions,” Yellen said.

Earlier in the morning, the administration outlined a fresh round of sanctions against Russia, including penalties against President Vladimir Putin’s children and prohibitions on new investment in Russia.

Along with the comments on the war, Yellen said spoke on the battle against the Covid pandemic. She said the U.S. remains committed to vaccine availability and readiness.



Source

Qualcomm announces AI chips to compete with AMD and Nvidia — stock soars 15%
World

Qualcomm announces AI chips to compete with AMD and Nvidia — stock soars 15%

Qualcomm announced Monday that it will release new artificial intelligence accelerator chips, marking new competition for Nvidia, which has so far dominated the market for AI semiconductors. The stock soared 15% following the news. The AI chips are a shift from Qualcomm, which has thus far focused on semiconductors for wireless connectivity and mobile devices, […]

Read More
Sidelined Russia flexes muscle with missile launch — and Trump is not impressed
World

Sidelined Russia flexes muscle with missile launch — and Trump is not impressed

U.S. President Donald Trump looks on next to Russian President Vladimir Putin during a press conference following their meeting to negotiate an end to the war in Ukraine, at Joint Base Elmendorf-Richardson, in Anchorage, Alaska, U.S., August 15, 2025. Kevin Lamarque | Reuters Russia’s testing of an “invincible” nuclear-powered cruise missile with a potentially “unlimited […]

Read More
Global stocks rally as investors are upbeat on U.S.-China trade pact prospects
World

Global stocks rally as investors are upbeat on U.S.-China trade pact prospects

Global markets rallied at the start of the week as investors were buoyed by growing optimism that the U.S. and China are nearing an agreement on trade. The pan-European Stoxx 600 added about 0.3% on Monday morning, which followed earlier solid gains across Asian markets, with Japan’s Nikkei 225 breaching the 50,000 mark for the […]

Read More