{"id":1422682,"date":"2022-04-06T21:44:39","date_gmt":"2022-04-07T01:44:39","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1422682"},"modified":"2022-04-06T21:44:41","modified_gmt":"2022-04-07T01:44:41","slug":"janet-yellen-expects-enormous-economic-repercussions-from-ukraine-invasion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/janet-yellen-expects-enormous-economic-repercussions-from-ukraine-invasion\/","title":{"rendered":"Janet Yellen Expects \u2018Enormous Economic Repercussions\u2019 From Ukraine Invasion"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fjanet-yellen-expects-enormous-economic-repercussions-from-ukraine-invasion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1422682&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" src=\"https:\/\/dw-wp-production.imgix.net\/2021\/10\/6E4B23DD-6B3E-48B5-B4FC-493529DB25EF_1_201_a.jpeg?w=1200&#038;h=800&#038;ixlib=react-9.3.0\" class=\"ff-og-image-inserted\" alt=\"image\" \/><\/div>\n<p><span>Treasury Secretary Janet Yellen predicted that the world will see \u201cenormous economic repercussions\u201d from the Russian invasion of Ukraine.<\/span><\/p>\n<p><span>In prepared <\/span><a href=\"https:\/\/financialservices.house.gov\/uploadedfiles\/hhrg-117-ba00-wstate-yellenj-20220406.pdf\"><span>remarks<\/span><\/a><span> delivered on Wednesday to the House of Representatives\u2019 Committee on Financial Services, the Biden administration official began by affirming the importance of international financial institutions \u2014 such as the International Monetary Fund and World Bank \u2014 as \u201ccritical to addressing the challenges we face today,\u201d such as recovery from COVID-19 and climate change.<\/span><\/p>\n<p><span>Condemning Russia\u2019s invasion of Ukraine as \u201can unacceptable affront to the rules-based, global order,\u201d Yellen said that the conflict would \u201chave enormous economic repercussions in Ukraine and beyond.\u201d<\/span><\/p>\n<p><span>For one, global food security is threatened by disruptions in both Ukraine and Russia \u2014 which together control nearly one third of the planet\u2019s wheat exports. \u201cRussia\u2019s invasion disrupted the flow of food for millions of people around the world and caused prices to spike,\u201d Yellen said, explaining that financial institutions are \u201cdoing essential work to address both the short-term and long-term effects on global food prices and supplies\u201d while \u201cfast-disbursing budget support, financing to support domestic food production, and social safety nets.\u201d<\/span><\/p>\n<p><span>For another, Yellen argued that the Ukraine conflict highlights \u201cthe need for sustainable, affordable, clean, and secure energy for economic growth and security for the United States.\u201d She noted that financial institutions are promoting \u201cenergy efficiency and capital investment in diverse energy sources \u2014 and away from suppliers such as Russia \u2014 toward solar, wind, and other non-fossil fuel-based energy sources\u201d \u2014 a move that she claims \u201cstrengthens energy security and reduces short-term fossil fuel price risks, all while addressing the long-term threat of climate change.\u201d<\/span><\/p>\n<p><span>Yellen further detailed the aid offered to Ukraine by international financial groups \u2014 such as $1.4 billion in rapid financing from the IMF and $3 billion from the World Bank.<\/span><\/p>\n<p><span>\u201cPresident Biden has rallied over 30 countries, representing well over half the world\u2019s economy, to impose swift, severe sanctions and export controls on Russia,\u201d she said. \u201cTreasury is also working collectively with our partners to block Russia from accessing benefits from IFIs. Both the World Bank and the European Bank for Reconstruction and Development (EBRD) had ceased approving new financing for Russia since the unlawful annexation of Crimea in 2014. Since the invasion, these institutions have announced further measures to prevent Russia\u2019s and Belarus\u2019 access to financial and non-financial assistance.\u201d<\/span><\/p>\n<p><span>Yellen\u2019s speech came as the United States <\/span><a href=\"https:\/\/www.dailywire.com\/news\/blinken-announces-100-million-in-additional-military-aid-for-ukraine\"><span>announced<\/span><\/a><span> another $100 million in military aid to Ukraine. Since Russia\u2019s invasion of Ukraine on February 24, the United States has invested more than $1.7 billion in security assistance toward the former Soviet republic.<\/span><\/p>\n<p><span>\u201cThe world has been shocked and appalled by the atrocities committed by Russia\u2019s forces in Bucha and across Ukraine,\u201d Secretary of State Antony Blinken said in a statement. \u201cUkraine\u2019s forces bravely continue to defend their country and their freedom, and the United States, along with our Allies and partners, stand steadfast in support of Ukraine\u2019s sovereignty and territorial integrity.\u201d<\/span><\/p>\n<p><i><span>The Daily Wire is one of America\u2019s fastest growing conservative media companies for breaking news, investigative reporting, sports, podcasts, in-depth analysis, books, and entertainment for a reason: because we believe in what we do. We believe in our country, in the value of truth and the freedom to speak it, and in the right to challenge tyranny wherever we see it. Believe the same? <\/span><\/i><a href=\"https:\/\/www.dailywire.com\/subscribe\"><i><span>Become a member now and join our mission<\/span><\/i><\/a><i><span>.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Treasury Secretary Janet Yellen predicted that the world will see \u201cenormous economic repercussions\u201d from the Russian invasion of Ukraine.In prepared remarks delivered on Wednesday to the House of Representatives\u2019 Committee<\/p>\n","protected":false},"author":99,"featured_media":2315279,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1422682","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1422682","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1422682"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1422682\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1422682"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1422682"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1422682"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}