US Treasury Secretary Janet Yellen warned China and other nations against providing material support to Russia, saying any such actions would amount to an evasion of sanctions and would “provoke very serious consequences.”
(Bloomberg) — US Treasury Secretary Janet Yellen warned China and other nations against providing material support to Russia, saying any such actions would amount to an evasion of sanctions and would “provoke very serious consequences.”
“Not only have we been clear with the Chinese government, we’ve also made it clear to Chinese firms and to Chinese banks that we would not tolerate trade deals that helped Russia to evade sanctions,” she said in an interview Friday on MSNBC Television. “We will crack down and enforce our sanctions and the consequences will be very severe.”
The US and other Group of Seven nations will impose new export controls and a fresh round of sanctions on Russia, a year after President Vladimir Putin invaded Ukraine, the White House said.
The measures, to be announced later Friday, will single out Russia’s defense and energy industries, financial institutions and more than 200 people.
Almost 90 companies in Russia, China and other countries will be placed on the Commerce Department’s entity list for sanctions evasion. The listings are meant to prevent the targeted companies from buying semiconductors, software or other technologies manufactured in the the US or with American intellectual property.
Read More: G-7 Sanctions Will Target Key Industries Aiding Russia’s War
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.