Janet Yellen, Treasury Secretary, warned Wednesday that Russia’s aggression on Ukraine may cause a serious economic impact.

“Russia’s actions including atrocities against innocent Ukrainians (Buka) are reprehensible. They represent an unacceptable affront the rules-based international order and will have huge economic repercussions on the globe,” Yellen stated to a House panel as part of a hearing regarding the financial system in the world.

Yellen also spoke out against the grim outlook on the impact of the war. She said that global institutions such as the International Monetary Fund (IMF) and the World Bank work together to help Ukraine and to sanction Russia.

In retaliation for Russia’s “brutal, unprovoked invasion of Ukraine,” she said that the White House believed Russia should be removed from the system.

But, she pointed out that European nations are still dependent on Russia’s natural gas. This necessitates the licensing of Russia-based corporations.

Yellen stated that Russia cannot continue to do business in financial institutions as it is now.

The administration presented the following earlier in the day. a fresh round of sanctionsRussia: Penalties against Vladimir Putin’s Children and bans on any new Russian investment

Yellen spoke about the fight against the Covid pandemic, along with comments on war. She stated that the U.S. is committed to vaccine availability, readiness and continued support for it.