Yellen proposed creating a coalition that would unite a large number of countries imposing sanctions against Russia. She is confident that this will increase the effectiveness of restrictive measures. The Cabinet said that there was no economic recession
It is necessary to create a coalition of states that impose sanctions against Russia, which will increase the effectiveness of restrictive measures, US Secretary of the Treasury Janet Yellen said on the DealBook D.C discussion platform. organized by The New York Times, RIA Novosti reports.
“In my opinion, we need a sufficiently large group of countries that would agree to impose sanctions against Russia,” — said the head of the US Treasury.
Yellen also expressed confidence that the US economy will not face a recession, but the cost of gasoline is unlikely to fall in the near future. She explained that American consumer spending is now high, and investment-related spending— “solid”.
Since the end of February, the European Union, the United States, Japan, Australia and other countries have introduced a number of restrictive measures against Russia.
The Accounts Chamber pointed out that in the next one and a half to two years, Russia will face a “very difficult situation”, and the fall of the Russian economy by the end of this year will be 8.8%, according to preliminary forecasts. The head of the chamber, Alexei Kudrin, added that the conservative scenario assumes a 12.4% drop in the economy. He warned that the current crisis will exceed the crisis of 2009 or the consequences of the COVID-19 pandemic. Inflation in Russia in 2022 will be between 17 and 20%, Kudrin said.
At the same time, the government insists that the restrictive measures introduced against Russia did not lead to a recession in the country's economy. “Thanks to the measures taken by the President of the Russian Federation, the government and the Bank of Russia, the economic war against our country did not go according to the plan of those who unleashed it,” — considers Deputy Prime Minister Alexei Overchuk. He said that in the past four months, the economy grew by 1.7%, inflation slowed down, and in the last days of May, its level reached 0%.
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Russian presidential spokesman Dmitry Peskov said that Russia was experiencing the largest sanctions burden in history, and, according to him, the introduction of restrictive measures against President Vladimir Putin was “crossing the line of reason.” He noted: “We see such a frenzy of sanctions hobbies.”
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