Janet Yellen also said that no American proposals have been prepared to mitigate the consequences of the possible introduction of new sanctions by the West against the Russian Federation.

The U.S. Treasury Secretary Janet Yellen has admitted that sanctions against Russia in the event of a hypothetical invasion of Ukraine will have “global consequences.”

“Obviously, we want sanctions to affect mainly Russia. However, we recognize that these sanctions will have global consequences,” Yellen said in an interview with Agence France-Presse (AFP). The head of the U.S. Treasury also clarified that with the assistance of European partners; a “package of sanctions” is being prepared, aimed at people and companies in the financial sector, as well as, most likely, affecting “export control.”

At the same time, Yellen also mentioned concerns about the possible impact of sanctions on energy markets, given Russia’s important role as a supplier of oil and gas. According to her, Washington is working with its allies to “protect them as best as possible” from possible consequences.

At the same time, commenting on the upcoming trip of U.S. Vice President Kamala Harris to the Munich Security Conference, the minister said that no specific American proposals designed to mitigate the consequences for the European Union of the possible introduction of new sanctions by the West against Russia have been prepared.