FX.co ★ Janet Yellen assesses effectiveness of sanctions against Russia

US Treasury Secretary Janet Yellen has commented on the effectiveness of the sanctions regime imposed on Russia and stated that Western countries will focus on thwarting attempts to evade the restrictions.

“This year, a central piece of our strategy is to take further actions to disrupt Russia’s attempts to evade our sanctions,” Yellen stated at the meeting of G7 finance ministers and central bank governors in Niigata, Japan. Participants of the meeting reviewed the impact the sanctions regime has on Russia.

The Treasury Secretary outlined a three-pronged approach focused on improving information sharing among the countries participating in sanctions, putting pressure on companies and jurisdictions that are allowing or facilitating evasion, and shutting down specific channels used by Russia to equip and fund its military.

Overall, Janet Yellen described the sanctions as effective, with Russia’s evasion attempts being a clear sign of that.