In an interview with Sky News, the US Treasury secretary speaks of her hopes for a new funding solution for Ukraine's war effort and admits there is a possibility of Chinese retaliation after big hikes to US tariffs on electric cars and solar panels.
There is a 'possibility' that G7 nations will support Ukraine's war effort through the use of billions of dollars in loans linked to seized Russian assets, the US Treasury secretary has told Sky News. In a wide-ranging interview with Sky's Wilfred Frost, Janet Yellen said she was hopeful of a 'united front' on the issue ahead of a key meeting of finance ministers in Italy, arguing that Ukraine had 'substantial needs'.
'And while America stands behind Ukraine and I expect Congress, if necessary, will pass future packages, Ukraine has substantial needs and being able to marshal significant resources to help Ukraine is important. 'That's one way to do it. I understand that today the European Union took the final step in approving a plan by which windfall profits that are being earned on Russian assets in Euroclear that they will be dedicated for Ukraine's use.
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