US Treasury Secretary Janet Yellen talks to reporters on the sidelines of the G-20 summit in Bali. During this, he said that the US would impose sanctions on the military procurement network helping Russia. Yellen said the US would impose sanctions on an international network of companies and individuals working to procure military technologies for Russia's efforts to wage war in Ukraine.
The US will impose sanctions on 28 organizations
Yellen said the sanctions, which would be imposed on 14 individuals and 28 entities, are scheduled to be announced on Monday. "This is part of our larger effort to disrupt Russia's war effort and deny it essential equipment through sanctions and export controls," Yellen told reporters. Yellen declined to specify which technologies the US would target with sanctions to cut Russian purchases.
America will continue to help Ukraine
The US Treasury has sanctioned major military-industrial firms in Russia and the Commerce Department has cut off exports of US technologies that have been used in some military hardware to Russia. Yellen said these were already having an effect on the battlefield in Ukraine.
Russia has managed to buy drones from Iran which have been used to attack cities and infrastructure in Ukraine. Yellen also said that the US would continue to provide financial and economic assistance to Ukraine. The Biden administration has requested an additional $4.5 billion in non-military aid from Ukraine, and Yellen said that once approved by Congress, Treasury would immediately begin distributing it to Ukraine.
Removed India from its currency monitoring list
Meanwhile, the US has taken India off of its currency monitoring list. The US has taken this step after Treasury Secretary Janet Yellen visited India and held talks with Finance Minister Nirmala Sitharaman. The 2015 Act put economies that met two of the three criteria on the watch list, the report said.
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