“The sanctions we’ve placed on Russia are pushing up the price of energy. It’s a price that’s important to pay to punish Russia for what it’s doing in Ukraine,” Treasury Secretary Janet Yellen said during her testimony.
She added that the rising price of energy, metal, wheat and corn that Russia and Ukraine produce “is going to escalate inflationary pressures as well.”
“The sanctions we’ve placed on Russia are pushing up the price of energy. It’s a price that’s important to pay to punish Russia for what it’s doing in Ukraine,” she added, drawing on how the conflict is impacting Americans at home. by the Federal Reserve jumped 6.4% in February compared with a year ago, the largest year-over-year rise since January 1982.
Lawmakers also questioned Yellen on China and the threat of an invasion of Taiwan as the U.S. and its allies continue to impose sanctions on Russia. She said the U.S. is prepared to impose sanctions against China if Beijing moves aggressively toward Taiwan, as some fear it might.
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