US Treasury: Secretary Yellen will urge IMF, World Bank members to up pressure on Russia

US Treasury Secretary Janet Yellen will urge the International Monetary Fund and World Bank member states to increase economic pressure on Russia whilst also mitigating spillover effects, the US Treasury said in a statement on Monday, reported Reuters. 

Additional Remarks:

Yellen will underscore US resolve to hold Russia accountable for its war in Ukraine at this week's IMF and World Bank meetings.

A significant focus of the IMF/World Bank meetings will be on Russia's war against Ukraine and what more can be done to support Ukraine. 

Yellen will make clear that the benefits and privileges of the world's leading economic institutions are for countries respecting core principles of peace and security. 

The Russian finance minister may virtually attend some sessions at the IMF/World Bank meetings this week, but the US has made clear it cannot be business as usual. 

Yellen will not attend some sessions of the G20 finance ministers' meeting but will attend portions supporting ukraine.

Yellen is "deeply concerned" about how Russia's "reckless war" impacts the global economy, including rising food insecurity in emerging markets and developing countries. 

Yellen is to hold bilateral meetings with Ukraine's Prime Minister Shmyhal and Finance Minister Marchenko this week. 

The US Treasury views estimates of a 35% contraction in Ukrainian economy as daunting and there is no escaping that Ukraine's needs are very large and urgent.

Yellen will convene an April 19 high-level panel with IMF, World Bank, G7 and G20 ministers and others to discuss the issue of food security.

Yellen is to host a news conference on April 21 at 1100ET. 

The US Treasury has no specific aid target in mind for addressing global food security panel as it is still analyzing the extent of the problem.

The US Treasury will also continue to impose sanctions that further restrict the Russian economy. 

Yellen is concerned about energy insecurity and will discuss ways to restrict Russia's use of energy revenues while providing allies time to find alternate energy sources.

The US Treasury will focus in the coming days and weeks on going after those who attempt to evade sanctions on Russia or facilitate evasion.

The US Treasury is working with Congress for the approval to contribute $21B to IMF trust funds, including a new RST. 

The Treasury office of foreign assets control this week will reiterate its commitment to allow the free flow of agricultural exports.

The US Treasury is working with allies to prevent sanction evaders from exploiting financial loopholes to hide their wealth.