MNI BRIEF: Yellen Warns Of Fallout of Russia's Invasion

Spillovers from the crisis in Ukraine are heightening economic vulnerabilities in many countries that are already facing higher debt burdens and limited policy options as they recover from the pandemic, U.S. Treasury Secretary Janet Yellen will tell Congress Wednesday.

"Russia’s actions represent an unacceptable affront to the rules-based, global order, and will have enormous economic repercussions in Ukraine and beyond," she said in prepared testimony for the House Committee on Financial Services in a hearing on the international financial system.

Yellen said the Treasury Department is committed to holding Russia accountable for its actions so it cannot benefit from the international financial system, and also warned about higher energy prices and disruptions in the flow of food for millions as wheat prices spike.