Source: AFP
US Treasury Secretary Janet Yellen on Tuesday warned of further sanctions against Iran after the unprecedented attack on Israel over the weekend, saying she expected Washington to take additional measures “in the coming days”.
“I fully expect that we will take additional sanctions against Iran in the coming days,” he said as this week’s International Monetary Fund and World Bank spring meetings began in Washington.
The Treasury Department, Yellen said, will not hesitate to work with US allies to “use our sanctions authority to continue to impede the Iranian regime’s malign and destabilizing activity.”
Months of war between Israel and the Palestinian militant group Hamas in Gaza have fueled violence in the region involving Iranian proxies and allies who say they are acting to support Palestinians in the Gaza Strip.
However, tensions have risen further with Tehran’s first direct attack on Israel in retaliation for the April 1 deadly strike on the Iranian consulate in Damascus.
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The attack has prompted calls for de-escalation from world leaders who fear wider conflict.
Yellen told a news conference that US authorities are using economic tools to counter Iran’s activity, targeting its drone and missile programs, as well as its funding of groups such as Hamas.
“From this weekend’s attack to the Houthi attacks in the Red Sea, Iran’s actions threaten the stability of the region and could cause economic repercussions,” he warned.
He stopped short of sharing details about potential sanctions, while noting that Washington is working to reduce Iran’s ability to export oil and there may be “more we could do.”
Yellen also outlined US priorities during the spring meetings, including deepening ties with allies and partners, and engaging with China on issues such as the risks of industrial overcapacity.
Later on Tuesday, the Treasury chief convened a fourth meeting of the US-China financial and economic working groups, aimed in part at sharing data to make progress on issues such as industrial overcapacity.
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Ahead of the talks, Yellen said she looked forward to promoting cooperation with China on common goals and addressing misunderstandings, while Chinese Vice Finance Minister Liao Min said previous talks had been “sincere and constructive.”
Russian assets
With Russia’s invasion of Ukraine entering its third year, Yellen added that the United States is promoting work with global partners to “unlock the economic value of frozen Russian state assets and ensure that Russia pays for the damage which has caused”.
He expects to hold further talks this week, noting that the allies are considering possibilities ranging from seizing assets to using them as collateral.
“We remain committed to being part of a global coalition to support Ukraine and limit Russia’s ability to wage its brutal war,” he said.
Asked about possible retaliation from Russia, Yellen said she expects there are ways to manage the risks, especially if the Group of Seven acts together.
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He urged the US House of Representatives to give the green light to further support for Ukraine, adding that the United States has recently unveiled sanctions targeting Russia after the war.
Looking ahead, Washington will also push for “strong IMF programs that incorporate strong policy conditionality to allow countries to restore stability and exit IMF borrowing,” Yellen said.
He also stressed the need for “decisive and coordinated action” on issues such as climate change.
Source: AFP