Yellen warns Beijing: Chinese firms aiding Russia face 'significant consequences'

Published 11/10/2023, 04:14 PM
Updated 11/10/2023, 05:08 PM
© Reuters. U.S. Treasury Secretary Janet Yellen shakes hands with Chinese Vice Premier He Lifeng during a bilateral meeting ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S. November 9, 2023. REUTERS/Carlos Bar

By David Lawder and Ann Saphir

SAN FRANCISCO (Reuters) - U.S. Treasury Secretary Janet Yellen on Friday said the U.S. government had seen evidence that Chinese firms may be aiding in the flow of equipment to Russia's war effort despite Western sanctions, and said she had urged China to crack down.

Yellen said she raised the issue during two days of meetings with Chinese Vice Premier He Lifeng, expressing concern that equipment "helpful to Russia's military" was evading sanctions and getting to Moscow to aid its war against Ukraine.

"I stressed that companies must not provide material support to Russia's defense industrial sector and that they will face significant consequences if they do," Yellen told reporters at a news conference in San Francisco.

"We are determined to do all that we can to stem this flow of material that aids Russia in conducting this brutal and illegal war," Yellen said, warning that any companies aiding Moscow's war effort could face sanctions.

She said the U.S. government had already imposed sanctions against a number of private firms, including some in China, that were helping Russia get equipment, along with some financial institutions that could be aiding that effort.

© Reuters. U.S. Treasury Secretary Janet Yellen attends a press conference after a meeting with Chinese Vice Premier He Lifeng, ahead of a U.S.-hosted APEC (Asia-Pacific Economic Cooperation) Summit in San Francisco, California, U.S., November 10, 2023. REUTERS/Carlos Barria

"We would like to see China crack down on this, especially when we're able to provide information," she said. She gave no further details on the names of the companies involved or He's reaction.

Yellen stressed the Chinese firms in question were private and said she was not suggesting that this was occurring with knowledge of the Chinese government.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.