Chinese support to Russia will be of serious concern: US Secretary of Treasury Janet Yellen

“With respect to sanctions and aid to Russia, we have made clear that providing material support to Russia or assistance with any type of systemic sanctions evasion would be a very serious concern to us. And we will certainly continue to make clear to the Chinese government, and to companies and banks in their jurisdiction about what the rules are regarding our sanctions and the serious consequences they would face for violating them,” she said.

On the G-20 Communique issued at Bali about the Russian war on Ukraine, she said that work on sanctions was ‘ongoing’. “We are seeking to strengthen the sanctions and make sure that we address violations of sanctions,” Yellen said.

Though the US has deprived Russia of many channels through which the country could obtain materials “critical for defence efforts”, Russians are looking for ways to procure them, she said. “That’s a focus we have in mind (during the G-20 meetings), both with respect to enforcement and perhaps with respect to further sanctions.”

China needs to “come to the table” to discuss restructuring debt in Zambia and Sri Lanka, Yellen said. Her conversations with her Chinese counterpart were constructive and she was hopeful of progress in the coming months. “I think it’s important for China to cooperate. Sri Lanka is also a country of concern where China plays a significant role and it needs to come to the table,” she said.

The US is also in favour of the International Monetary Fund negotiating an agreement to lend to Ukraine. “It is something we will emphasise in our discussions this week,” she added.