Help stop the Russian war in Ukraine or lose position in the world By Reuters

© . FILE PHOTO: US 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, US, April 6, 2022. REUTERS/Tom Brenner By David Lawder and Andrea Shalal WASHINGTON () -China should help end Russia’s “horrific war” in Ukraine or it would lose its foothold in the world, US Treasury Secretary Janet Yellen said on Wednesday, warning that those seeking to undermine Western sanctions will have economic repercussions. said in a landmark speech she “fervently” hoped China would use its “special relationship” with Russia to persuade Moscow to end the conflict, and that countries “sitting on the fence” over the war were shortsighted. against China and its willingness to embrace further economic integration may well be influenced by China’s response to our call for decisive action against Russia,” Yellen told the Atlantic Council think tank. in Washington. The comments reflect the Biden administration’s call on China to condemn the Russian invasion and take sides with Western democracies, with whom Beijing has enjoyed a lucrative economic relationship. US President Joe Biden also told Indian Prime Minister Narendra Modi on Monday that buying more Russian oil was not in India’s interest. China is “strongly opposed” associating China-Russia relations with the crisis in Ukraine, said Liu Pengyu, a spokesman for the Chinese embassy in Washington, adding that Beijing was “determined to promote peace talks”. “China opposes all forms of unilateral sanctions and prolonged US jurisdiction, and will resolutely defend the legitimate rights and interests of Chinese companies and individuals,” he said in an emailed statement. Going forward, Yellen said it would become increasingly difficult for China and the West to separate economic issues from broader national security concerns. “Whatever China’s geopolitical goals and strategies, we see no benign interpretation of the Russian invasion, nor of its implications for the international order,” Yellen said. China cannot expect the world to respect Beijing’s future calls for sovereignty and territorial integrity if it does not respect these principles in Ukraine “now, when it comes down to it,” she added. But Yellen said in a question-and-answer session that the United States had to work hard with China to avoid a bipolar global financial system that pits market-driven democracies against autocratic, state-driven economies. China’s reliance on state-owned enterprises and other practices has harmed US national security interests, she said, adding that maintaining the current relationship requires changes and Beijing’s cooperation. “I’d like us to keep the benefits of deep economic integration with China — not to a bipolar world — but I believe this is a danger we need to address,” Yellen said. Yellen also expressed concern that China’s new strict pandemic lockdowns in China would spark another wave of supply chain disruptions that could hurt the world’s economic recovery. Yellen also called for more ‘friendshoring’ or the shifting of supply chains to more trusted partner countries free of geopolitical conflict. The head of the US Treasury Department also said global economic growth would be hit by the war between Russia and Ukraine and that the Biden administration was determined to hold Russia accountable for its “horrific conduct” and violations of international law. straight. MODERNIZING INSTITUTIONS Yellen’s remarks come just days before the International Monetary Fund and World Bank member countries convene their spring meetings in Washington next week, saying the war in Ukraine is “very important to everyone”. She called for “modernizing” these institutions, established at the end of World War II, to address the 21st century challenges that led to the current conflict, as well as to tackle other major issues, including climate change, ending the COVID-19 pandemic, and supporting low-income countries. Last week, Yellen said Russia should be excluded from the Group of 20 Major Economies, whose financial leaders are meeting in Washington next week. Yellen also said she plans to convene other leaders at IMF and World Bank meetings to discuss possible solutions to the spikes in food prices affecting the world’s poorest. “Some might say now is not the right time to think big,” she said, referring to the war and the ongoing pandemic. “Yet I see this as the right time to work to close the gaps in our international financial system that we are witnessing in real time.”

Leave a comment