Yellen urges China to help stop Ukraine war, warns of repercussions

Janet Yellen, US Secretary of the Treasury, speaks at the US Atlantic Council, Washington

Shall We by Andrea and David Lauder

Speaking at the Atlantic Council in Washington, Yellen said he was “convinced” that Beijing would do something positive in its “special relationship” with Moscow, failing which China’s position in the world would suffer.

If China does not respect those policies in Ukraine “now, when it counts”, China cannot expect the world community to respect any of Beijing’s future calls for sovereignty and territorial integrity.

“The world’s attitude towards China and its willingness to embrace greater economic integration may be affected by China’s reaction to our call for decisive action against Russia,” he said.

Yellen said the war between Moscow and Kiev would hurt global economic growth and that the administration of US President Joe Biden was determined that Russia should be held accountable for its “brutal behavior” and its violations of international law.

“Rest assured that until Putin ends the brutal war he has chosen, the Biden administration will continue to work with our partners to further isolate Russia economically, financially and strategically,” he said.

Yellen said Biden’s multilateral approach had allowed the Seven Group’s advanced economies to impose significant costs on Russia, and that they were working in support of global regulation based on rules governing peace and prosperity.

ஒரு கேள்வி-பதில் அமர்வில், எதேச்சதிகார நாடுகளுக்கு எதிராக ஜனநாயகங்களைத் தூண்டும் இருமுனை உலகளாவிய நிதி அமைப்பைத் தவிர்ப்பதற்கு அமெரிக்கா சீனாவுடன் கடுமையாக உழைக்க வேண்டும் என்று யெலன் கூறினார். Beijing has benefited from the US-led financial structure, but its reliance on state-owned companies and other economic practices has jeopardized US national security interests.

He also expressed concern that China’s new, more serious epidemic locks could cause another wave of supply chain disruptions that could prevent a global economic recovery.

Yellen also called for “friendshoring” to transform supply chains from geopolitical conflicts to free and trusted partner countries.

“We want to preserve the benefits of deep economic integration with China and avoid going to a bipolar world, but I believe this is a risk we must face,” he said.

(David Lauder and by Andrea Shall)