Chinese companies are allegedly providing Russia with weaponry for the conflict in Ukraine, according to US Treasury Secretary Janet Yellen.
US Treasury Secretary Janet Yellen has urged Beijing to take tough measures against Chinese companies supporting Russia’s conflict in Ukraine, while also highlighting the need of “healthy economic relations” between the US and China.
Yellen stated that while Washington did not aim to separate the US and Chinese economies, President Joe Biden’s administration will not back down from taking independent action against Chinese companies who provide Moscow with defense weapons.
Following a two-day meeting with Chinese Vice Premier He Lifeng in San Francisco, Yellen told reporters, “We do not seek to decouple our economy from China’s.”
“The world would become unstable and both the US and China would suffer from this.”
Treasury has proof that Chinese banks and companies are “facilitating” the supply of equipment to Moscow, according to Yellen, and they will suffer “severe consequences.”
She clarified that she was not accusing the Chinese government of collusion, saying instead, “We are concerned that despite the sanctions programs that we’ve put in place, that equipment that is critical to Russia’s military effort is nevertheless evading sanctions and being delivered to Russia.”
Yellen continued by saying that as part of a “regular cadence of contact” between the world’s top economists, she had accepted He’s invitation to visit China again the following year.
Prior to Biden and Chinese Premier Xi Jinping’s scheduled meeting, they had a face-to-face encounter. Xi Jinping is scheduled to attend the Asia-Pacific Economic Cooperation conference in San Francisco the following week, along with other leaders from the region.
Under previous US President Donald Trump, who imposed tariffs and restrictions on Chinese companies to increase local manufacturing and penalize Beijing for alleged human rights violations, US-China relations took a severe hit.
Under Biden, who has carried on his predecessor’s attempts to revive US manufacturing and restrain Chinese tech companies, ties have remained tense.
In recent months, Biden has used a flurry of trips and diplomacy by senior officials to try and jump-start a thaw.
Yellen met with former Vice Premier Liu He in person for the first time in January. She also traveled to China in July to talk about economic strategies and collaboration on global issues like climate change.