U.S. Treasury Secretary Janet Yellen has issued a warning to companies in China against exporting products to Russia that could be utilized in Moscow’s conflict with Ukraine.
During her visit to Beijing, Yellen emphasized that companies, including those in China, must refrain from providing material support for Russia’s war efforts, as doing so could result in significant consequences.
Yellen further highlighted that any banks facilitating money transfers to Russia for the purpose of supplying the Russian defense industry with military or related goods would also be susceptible to U.S. sanctions.
The United States has already imposed sanctions on several Chinese companies for various reasons related to Russia. Additionally, Washington has sanctioned China over alleged human rights violations and to impede its advancement in producing advanced semiconductors, which could potentially give China a technological advantage, particularly in the military sector.
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Yellen arrived in China on Thursday. During her meetings with Vice Premier He Lifeng and Premier Li Qiang, one of the main topics was China’s excess industrial capacity.
Beijing is accused of using industrial subsidies to flood global markets with artificially cheap goods, including renewable energy products.
Yellen said talks with China on overcapacity issues, as well as well “balanced growth in the domestic and global economies,’’ would continue.
“During conversations this week, I underscored again that the U.S. does not seek to decouple from China.
“Our two economies are deeply integrated, and a wholesale separation will be disastrous for both of our economies,’’ she said in a statement.
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