Treasury Secretary Janet YellenFriday, she stated that the U.S. shouldn’t impose sanctions against China because of Russia’s ties.

The Treasury secretary said that he doesn’t believe that such penalties are necessary or appropriate. “Senior officials of the administration are quietly and privately speaking with China in order to understand our position.”

We would be extremely concerned if they tried to evade sanctions on Russia and its financial system, she stated. “We don’t see this happening at the present.”

These remarks were made by the Treasury Secretary NATO leaders step up their effortsChina should be warned against supporting Russia’s attack on Ukraine

For weeks, the U.S. and allies warned Beijing about severe consequences for helping Moscow with arms supplies, alternative routes to trade or disinformation.

China, like Russian President Vladimir Putin has expressed concern about NATO expansion and hasn’t fully condemned Russia’s provocative attack against its neighbor. U.S. officials also claim that Russia asked China for economic and military assistance. This is a charge which both countries reject.

President Joe BidenLast week, China threatened to arrest a leader Xi Jinping with unspecified consequencesIf Beijing backs Moscow in its efforts to seize Kyiv, it will be a sign of support.

It is not yet clear what the White House would do to punish Beijing. However, it will likely ask the Treasury Department for more economic sanctions.

Yellen talked about the fact that both Russia’s invasion and Covid-19 have highlighted how important it is to secure U.S. supply chain security.

She suggested that American companies may have focused too much on efficiency and organising supply chains in ways to lower cost but reduce resilience. The administration places high importance on resilience in supply chain.

The European War and Global Supply Concerns have caused turmoil in key commodities markets like those for wheat and crude oil. West Texas crude oil futures prices leapt above $130 per barrel earlierAfter trading below $90 in January, March saw an increase in trades.

A spike in oil prices led to a rise in gasoline prices in America. They reached their highest point in the month at $4.33 per gallon, a national average.

Wheat continues to trade at above $10/bushel, 25% higher than two months ago.

Yellen however stated she was not in agreement with the assertions that trade globalization has ended despite all the turmoil.

“I must push back on this,” she stated. We are deeply involved in global economic affairs. That is something I anticipate will remain. It has been a benefit to many countries, including the United States.

Yellen answered a question about cryptocurrency’s role in the Russian-Ukraine conflict. She said that she sees the asset class as part of her duty to protect American investors and consumers. She indicated that her focus is on investors who see cryptocurrencies as wise investments.

Yellen admitted that “I am a little skeptical because there are valid concerns about it.” Some concerns have to do financial stability, protection of consumer-investors, and use for illegal transactions, among other things.