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© Reuters. FILE PHOTO: U.S. Treasury Secretary Janet Yellen testifies throughout a U.S. Home Committee on Monetary Providers listening to on the Annual Report of the Monetary Stability Oversight Council, on Capitol Hill in Washington, DC, U.S. Might 12, 2022. Saul Loeb/Pool
BRUSSELS (Reuters) – The European Union is prone to make important monetary contributions to maintain Ukraine going, U.S. Treasury Secretary Janet Yellen mentioned on Tuesday, including she would look to G7 members like Britain Canada and Japan to step up assist too.
G7 finance ministers and central financial institution governors are to satisfy on Thursday and Friday in Germany, with the Russian invasion of Ukraine excessive on their agenda.
Yellen mentioned the US has made a robust dedication to Ukraine funding and it was clear that the EU was “very critical about wanting to offer the required assist as properly.”
“We’ll have to look to different companions within the G7 — to Japan, Canada, the UK — to contribute as properly, however I do imagine that the European Union will make a big contribution,” she mentioned.
Yellen additionally mentioned the US would help the European Union’s efforts to impose an embargo on shopping for Russian oil and mentioned the ban on purchases phased to begin subsequent yr, could possibly be mixed with tariffs.
“These are two issues that could possibly be mixed,” Yellen instructed reporters in Brussels. “It could be attainable to mix a phase-out with a worth mechanism. However there are loads of choices right here. It’s critically vital that they cut back their dependence on Russian oil,” she mentioned.
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