Yellen to call for increased economic pressure on Russia

US Treasury Secretary Janet Yellen this week will call on her counterparts to ramp up the economic pain on Moscow over its invasion of Ukraine, a senior Treasury official said Monday.

Yellen will participate in the spring meetings of the IMF and World Bank, as well as gatherings of finance officials from the G7 and G20 nations, where the fallout from the war will be a key topic of discussion.

"The secretary believes the Russian invasion of Ukraine has demonstrated the need for the world's largest economies to stand together to defend international order and protect peace and prosperity," the official told reporters.

"She will use this week's meetings to work with allies to continue our united efforts to increase economic pressure on Russia while mitigating spillover effects."

The IMF and World Bank have warned of the devastating costs the war is imposing on the global economy, especially through rising prices for energy and food at a time of high inflation. Western sanctions on Moscow have contributed to inflation pressures, hitting the poorest countries the hardest.

While Yellen is  "deeply concerned" about the impacts,  "We are firm in our resolve to hold Russia and its leadership accountable, and have imposed crippling sanctions," the official said.