Yellen Says China Moves Not Diluting Russia Sanctions Sting
- Treasury chief says China financial firms wary of sanctions
- Doesn’t expect Europeans to follow U.S.’s Russia fuel ban
Janet Yellen
Photographer: Yuri Gripas/Abaca/Bloomberg
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Treasury Secretary Janet Yellen said she sees no signs that Russia is currently skirting U.S. and European sanctions over the war in Ukraine by tapping its deepening ties with China.
“I’ve not seen evidence that China is providing Russia with any significant workaround for our sanctions,” Yellen said in an interview with CNBC Thursday. “Chinese banks do a lot of business with the West. They care very deeply about their relationship with the U.S. and European financial systems, and they seem to be very cautious in their willingness to do business with Russia.”