Yellen Warns "Russia Has No Effort for Peace Talks with Ukraine... Sanctions to Remain"

U.S. Treasury Secretary Janet Yellen. (Photo by WSJ)

[Asia Economy Reporter Yujin Cho] U.S. Treasury Secretary Janet Yellen warned that if Russia does not take an active stance in peace negotiations with Ukraine, sanctions against Russia may not be fully lifted even after an agreement is reached.

Visiting Indonesia for the Group of Twenty (G20) summit, Secretary Yellen said in an interview with The Wall Street Journal (WSJ) on the 13th (local time), "Some international sanctions against Russia may continue even after the Ukraine war ends."

As Ukraine recaptured the strategic southern region of Kherson after eight months, the possibility of resuming peace talks between Ukraine and Russia is being discussed. Ukrainian President Volodymyr Zelensky recently expressed openness to peace negotiations with Russia, and within the U.S. and Western governments, there are expectations that an opportunity for peace talks to end the Ukraine war may arise.

Secretary Yellen stated that if Russia and Ukraine reach a peace agreement, the U.S. and its allies will undertake a review of the sanctions imposed on Russia.

However, she pointed out, "So far, Russia has made no effort to propose terms acceptable to Ukraine in the peace negotiations," emphasizing, "sanctions should be adjusted according to the content of the peace talks."

She added, "Considering what has happened so far, it seems some sanctions will need to remain in place."

WSJ reported Secretary Yellen’s remarks but did not disclose details about which sanctions might be maintained after the war or the conditions for a full lifting of sanctions.

Earlier, the international community imposed various export restrictions and banned transactions with Russian financial institutions in response to Russia’s invasion of Ukraine.

Additionally, the Group of Seven (G7) agreed to implement a price cap on Russian crude oil to cut off funding for Russia’s war efforts.

Regarding the possibility that Russia might retaliate against the crude oil price cap by halting oil exports to Western countries, Secretary Yellen said, "It is difficult to predict Russia’s reaction," but added, "I do not think Russia has the luxury of withholding oil sales since it needs income."

Secretary Yellen also mentioned that if Russia deliberately stops oil exports, the U.S. could respond by releasing oil from its Strategic Petroleum Reserve. She said, "The crude oil price cap will definitely be effective," and added, "We can also use the Strategic Petroleum Reserve."

This content was produced with the assistance of AI translation services.