U.S. Treasury Secretary Yellen to call for US, Europe to stand together on Russia, Iran

U.S. Treasury Secretary Janet Yellen will call on Tuesday for Europe and the U.S. to stand together against Russian aggression and Iranian “support for terrorism,” including finding a way forward to unlock the value of frozen Russian sovereign assets to aid Ukraine.

She also said that the U.S. and Europe must show that Russia cannot outlast their resolve to defend a rules-based order that took them decades to shape. Finance leaders from the Group of Seven industrial democracies are meeting in Stresa, Italy later this week, and Yellen is pushing for them to agree on a plan to use the income stream from some $300 billion worth of frozen Russian sovereign assets to back a larger loan to Ukraine.

Yellen’s remarks on Tuesday will be delivered at the Frankfurt School of Finance and Management, where she will receive an honorary degree in economics. She also will meet on Tuesday with leaders of European banks to discuss macroeconomic trends and combatting illicit finance. Her excerpts did not mention the death of Iranian President Ebrahim Raisi in a helicopter crash on Sunday.

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