US Treasury Secretary discusses ‘severe costs’ for Russia with German minister

Janet Yellen spoke with Christian Lindner who filled the vacancy left by Olaf Scholz, now the country’s chancellor

Treasury Secretary Janet Yellen stressed on Friday that should Russia invade Ukraine, the economic ramifications would be severe and costly. AP

US Treasury Secretary Janet Yellen used a phone call with Germany’s new finance minister on Friday to discuss the potential for steps that could “impose severe costs on Russia’s economy” should the increasing tensions between Ukraine and Russia worsen.

“Secretary Yellen also reiterated President Biden’s concern over Russia’s escalation of forces surrounding Ukraine,” according to a statement released by the Treasury Department on Friday.

She also “expressed her interest in partnering with Germany on contingencies that could be rapidly deployed to impose severe costs on Russia’s economy,” the statement said.

Ms Yellen’s call was with Christian Lindner, the new German finance minister, who filled the vacancy left by the country’s new chancellor, Olaf Scholz.