Will not let Russia evade curbs: Yellen

The US and its allies are building on actions to "crack down" on efforts by Russia to evade sanctions for its invasion of Ukraine, treasury secretary Janet Yellen said on Sunday.

- Rhik Kundu

"One of our core goals this year is to combat Russia's efforts to evade our sanctions. Our coalition is building on the actions we have taken in recent months to crack down on these efforts," Yellen said during a press conference on the sidelines of the third G20 Finance and Central Bank Deputies (FCBD) meeting. "We will also continue to cut off Russia's access to the military equipment and technologies that it needs to wage war against Ukraine," she added.

India, which holds the rotating G20 presidency this year, emerged as a key consumer of Russian oil following the February 2022 invasion of Ukraine. India's crude oil imports from Russia reached a record high in May when purchases exceeded the combined shipments of Saudi Arabia and Iraq. India has maintained strategic neutrality over the Ukraine war.

Yellen also said she was eager to build on the groundwork with China in several areas of mutual interest, which include restructuring of debt for poorer countries.