Yellen: Redoubling Ukraine support 'single best thing' for global economy

Redoubling support for Ukraine is the best way to improve the international economy, U.S. Treasury Secretary Janet Yellen said on the sidelines of a G20 summit of finance ministers in India, according to AFP.

"Ending this war is first and foremost a moral imperative," she told reporters in Gandhinagar, which is hosting a wider G20 summit. "But it's also the single best thing we can do for the global economy."

She said she would push back on criticism that there is a tradeoff between aiding Ukraine and developing countries.

Russia's full-scale invasion has caused food and fuel prices to soar. Many countries rely on Ukraine's grain and other food exports, which Russia's warships in the Black Sea blocked and interfered with. Russia is also a major agricultural exporter.  

An earlier grain deal negotiated to allow the export of some Ukrainian grain expires on July 17. An agreement to extend it has not been reached.

After visiting Kyiv in February, Yellen said she saw the massive difference that foreign aid has made for the country.

Ukraine, allies must do more to hit Russia’s economy, says Moral Rating Agency head

As Yevgeny Prigozhin’s mutiny exposed Russia’s political weakness, there’s an opportunity to follow up with an economic punch by targeting foreign companies that stayed in the country. This is the belief of Mark Dixon, the director of the Moral Rating Agency, which scrutinizes foreign companies tha…

The Kyiv IndependentIgor Kossov