Yellen to Chinese banks: We’ll sanction them if they help Russian war machines

US Treasury Secretary Janet Yellen announced that the US could impose sanctions on Chinese banks and companies as well as the Beijing government if they help the Russian military.

US Treasury Secretary Janet Yellen gave an interview to CNBC’s Sara Eisen and said, “We are prepared to take action if we see significant violations, particularly by financial institutions.” Yellen continued: “Anything that involves aiding the Russian military in their brutal war against Ukraine is unacceptable to us and we have the ability to impose sanctions.”

They haven’t used Biden’s authorization yet

US President Joe Biden issued an executive order in December authorizing the Secretary of the Treasury to impose sanctions against financial institutions that aid Russia’s military-industrial complex. Yellen states that they have not yet used this tool.

While Yellen underlined that China has the right to establish trade or diplomatic relations with Russia, she also stated that a significant part of the trade between the two countries is not considered problematic by the US.

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