Yellen Firmly Warns Beijing but Leaves Doors Open

Late in the night on November 11th, during a press conference, U.S. Treasury Secretary Janet Yellen stated that the U.S. government has seen evidence suggesting that Chinese firms may be aiding in the flow of equipment for Russia's military efforts, despite Western sanctions. She called on China to take steps to address this issue.

Yellen mentioned that she raised this issue during her two-day meetings with China's Vice Premier He Lifeng, expressing concern that equipment "helpful to Russia's military" is being supplied to the Russian Federation, bypassing sanctions. This, in turn, assists Moscow in its war against Ukraine.

The meeting took place ahead of talks between Biden and Chinese Premier Xi Jinping, scheduled for November 15th in San Francisco during the Asia-Pacific Economic Cooperation (APEC) summit.

"I stressed that companies must not provide material support to Russia's defense industrial sector and that they will face significant consequences if they do," Yellen insisted during a press conference in San Francisco on the night of November 10-11.

"We are determined to do all that we can to stem this flow of material that aids Russia in conducting this brutal and illegal war," Yellen said, warning that any companies assisting Moscow in military actions could face sanctions.

She mentioned that the U.S. government has already imposed sanctions on several private firms and banks, including in China, which have helped Russia obtain equipment, as well as some financial institutions that could support these efforts.

"We would like to see China crack down on this, especially when we're able to provide information," she said. However, Yellen did not provide details during the press conference about the specific companies in question or He's response.

After the conclusion of the talks, she announced on her Twitter, "Vice Premier He Lifeng and I finished two days of meetings. In-person diplomacy between the U.S. and China is key to further stabilizing our economic relationship, addressing global issues, and communicating about the necessary steps we take to protect our national security."