Atlantic Council/New Atlanticist
April 13, 2022

Transcript: US Treasury Secretary Janet Yellen on the next steps for Russia sanctions and ‘friend-shoring’ supply chains
Special address by US Treasury Secretary Janet L. Yellen

Treasury Secretary Janet L. Yellen delivers a special address on the future of the global economy and US economic leadership.

Russia’s horrific conduct has violated international law, including core tenets of the U.N. Charter, challenging countries to demonstrate where they stand with respect to the international order that has been built since World War II. Therefore, when I speak about a changed global outlook, I’m not just talking about growth forecasts. I’m also referring to our conception of international cooperation going forward.

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…We, the sanctioning countries, are saying to Russia that, having flaunted the rules, norms, and values that underpin the international economy, we will no longer extend to you the privilege of trading or investing with us.

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The war in Ukraine and sanctions against Russia highlight the pivotal role of China. China has long claimed to hold sacrosanct key international principles – including those enshrined in the U.N. Charter with respect to sovereignty and territorial integrity. Whatever China’s geopolitical aims and strategies, we see no benign interpretation of Russia’s invasion, nor of its consequences for the international order. China cannot expect the global community to respect its appeals to the principles of sovereignty and territorial integrity in the future if does not respect these principles now when it counts.

China has recently affirmed a special relationship with Russia. I fervently hope that China will make something positive of this relationship and help to end this war. Going forward, it will be increasingly difficult to separate economic issues from broader considerations of national interest, including national security. The world’s attitude towards China and its willingness to embrace further economic integration may well be affected by China’s reaction to our call for resolute action on Russia.

The Russian invasion of Ukraine has dramatically demonstrated the need for us to stand together to defend our international order….