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Yellen to Warn War Threatens ‘Enormous Economic Repercussions’

  • Treasury secretary will testify to House panel on Wednesday
  • Governments plan new sanctions, economists cutting forecasts
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U.S. Treasury Secretary Janet Yellen will warn on Wednesday that the war in Ukraine threatens to inflict “enormous economic repercussions” globally, just as governments impose fresh sanctions on Russia and economists cut growth forecasts.

“Russia’s actions, including the atrocities committed against innocent Ukrainians in Bucha, are reprehensible, represent an unacceptable affront to the rules-based global order, and will have enormous economic repercussions for the world,” Yellen will tell the House Financial Services Committee, according to a copy of her prepared remarks.