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April 16
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US Treasury Secretary Janet Yellen warned a House of Representatives panel Wednesday that Russia’s aggression in Eastern Europe will have “enormous economic repercussions in Ukraine and beyond,” AP reported.

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.”

Russia’s invasion “including the atrocities committed against innocent Ukrainians in Bucha, are reprehensible, represent an unacceptable affront to the rules-based global order, and will have enormous economic repercussions for the world,” she told the House Financial Services Committee.

Along with touching on the need for food and energy security and debt sustainability globally, Yellen called on Congress to provide support to the International Monetary Fund and World Bank organizations, which have provided grants and humanitarian funds financing to the world’s poorest and most vulnerable.

“Globally,” she said, “spillovers from the crisis are heightening economic vulnerabilities in many countries that are already facing higher debt burdens and limited policy options as they recover from COVID-19.”

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