US Treasury Secretary Janet Yellen has admitted that sanctions against Russia in the event of a hypothetical invasion of Ukraine would have “global consequences”
“Obviously, we want [sanctions] to impact primarily on Russia. But we recognise that these sanctions will also have global consequences”, – Yellen told Agence France-Presse (AFP) on Wednesday.
The US Treasury chief also clarified that a “package of sanctions” was being prepared with the help of European partners, targeting people and companies in the financial sector, as well as likely affecting “export controls”.
However, Yellen also cited concerns about the possible impact of sanctions on energy markets, given Russia’s important role as an oil and gas supplier. She said Washington is working with its allies to “as best it can” protect them from the possible consequences