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Yellen-US Would Impose Severe Penalties On Economically Disruptive Countries


Speaking in South Korea alongside Deputy Prime Minister and Minister of Economy and Finance Choo Kyung-ho, US Treasury Secretary Janet Yellen states that the US would seek to impose severe penalties on countries that violate or disrupt the international economic order.

  • Says that Russia has 'weaponised economic integration' to tremendous effect. Says that all responsible countries must band together to oppose Russia's intervention in Ukraine.
  • Following talks with Choo, says that she is encouraged about a proposed cap on Russian oil prices.
  • Yellen: "Russia's illegal war and the global energy shock that has followed have underscored the need to protect ourselves from dependence on foreign oil that makes us vulnerable to the whims of authoritarians like Vladimir Putin."
  • On her visit to Seoul, Yellen also talked up 'friendshoring' i.e. basing supply chains in allied nations. Said “Friend-shoring is about deepening relationships and diversifying our supply chains with a greater number of trusted partners to lower risks for our economy and theirs...We cannot allow countries like China to use their market positions in key raw materials, technologies or products to disrupt our economy or exercise unwanted geopolitical leverage.”

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