WASHINGTON — In
Speaking during a panel during the International Monetary Fund and World Bank's annual meetings Wednesday, Yellen discussed her recent trip to Kyiv, where she said she witnessed the brutality of Putin's aggression. Despite the ongoing hardship, she notes, Ukraine's economy continues to function and government services are operational.
She says the U.S. remains committed to upholding its support for the eastern European nation, and that the administration has already committed to providing aid through the fall.
"We have current plans to provide additional aid through September — all as grants — as well as to provide support for energy security and early recovery," Yellen said.
Yellen emphasized that responsible management of U.S. tax dollars by Ukraine, particularly in advancing good governance and anti-corruption efforts, is essential to ongoing U.S. support.
"I commend your ongoing focus on good governance and anticorruption," she said, "Your commitment to making sure that international assistance is being used responsibly is essential."
In the company of leaders from nations around the world, she also asserted the World Bank's recent
"Supporting Ukraine is a collective effort," she said. "We welcome the efforts by our allies and partners to provide significant, predictable, and timely assistance, and urge all of us to continue doing so."
Yellen highlighted that the historic multilateral sanctions coalition is restricting Russia's access to equipment and technology, including those necessary for its military. Additionally, she praised the western sanctions for reducing Russian state energy tax revenue.
"With our embargoes and price caps on Russian oil and refined products, we are effectively targeting Russia's key source of revenue while maintaining stability in global oil markets," she noted, "Russian state revenue from energy taxes is down over 40% since the imposition of the price cap compared to last year.
