Treasury Secretary Janet Yellen made a surprise visit to Ukraine and announced $1.25 billion in economic aid as the country's war with Russia goes into its second year.
Yellen said the United States has provided about"Just as security assistance bolsters the front lines, I believe that this economic assistance is fortifying the home front, thereby strengthening Ukraine's resistance," she said.
Yellen stopped in Kyiv on her way home from a prickly meeting of Group of 20 nations' finance ministers in India. Several large economies including India, China and Turkey have refused to join U.S.-led sanctions against Russia. Over the weekend, ChinaDuring her remarks Monday, Yellen noted that sanctions remain an important tool to counter Russia's"military-industrial complex," but acknowledged that Russia buys many goods secondhand through neutral countries.
That makes manufactured goods like microchips, which are vital for manufacturing weapons, relatively easy to acquire in Russia. And microchip imports into Russia have increased dramatically in the past year,research from Elina Ribakova, deputy chief economist at the Institute of International Finance.
1/ Russia substantially increased chip imports in 2022, past the pre-war peak. The value of chip imports is up from $1,8 bn recorded for Jan-Sept 2021 to $2,45 bn over the same period in 2022.
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