The United States is prepared to sanction Chinese banks and companies, as well as Beijing's leadership, if they aid Russia's military in its invasion of Ukraine, U.S. Treasury Secretary Janet Yellen said Monday.
The U.S. and China have been working to heal their relations even as the two superpowers manage ongoing economic tensions."We stand ready to act if we see significant violations, especially by financial institutions," Yellen said in an interview with CNBC's Sara Eisen in Beijing."Anything that involves aiding Russia's military in their brutal war against Ukraine is unacceptable to us and we have the ability to sanction it.
Yellen was tasked with delivering a tough economic message on the visit, one that placed U.S. interests first while also seeking to stabilize the fraught diplomatic relationship between the world's two remaining superpowers. Washington alleges that Chinese government subsidies for these products have vastly outpaced its domestic demand for them. If Chinese manufacturers can't find buyers for their green energy infrastructure at home, they might choose to dump their cheaper surplus products onto global markets, and price out other companies.have publicly denied this, though Yellen said that in her meetings, officials"understood that this is something that's very important to the U.S.