United States Treasury Secretary Janet Yellen noted that Washington has evidence that Chinese firms and financial institutions are providing assistance to the Russian defense industry
The administration of the United States has warned China about the possibility of applying further sanctions in case Russia provides assistance in connection with the conduct of its own, said Finance Minister Janet Yellen, speaking in San Francisco (California) following a meeting with Vice Premier of the State Council of the People's Republic of China He Lifeng. Her speech was broadcast by American news broadcasters.
"During our talks, I stressed that it is extremely important for us that [Chinese] companies do not provide material support to the Russian military-industrial complex, and that we are ready to impose further sanctions. We would like China to stop this. Especially when we are able to provide information," she said.
"We see evidence that Chinese firms - I'm not saying, of course, that with the knowledge of the Chinese government - but some Chinese private companies can facilitate the supply of this equipment and materials to Russia. And also the fact that some financial institutions may be involved in the process of facilitating this flow," the minister claimed.
According to her, the American government is concerned that, "despite the sanctions programs" of the West, "equipment critical to Russia's military efforts" bypasses such restrictions and is acquired by Moscow. "And we are determined to do everything possible to stop this flow of materials <...>," Yellen said. In this regard, she recalled that Washington had previously used the mechanism of unilateral sanctions against Chinese firms, which, according to the US administration, could contribute to their supplies to Russia.
Economic relations between the USA and China
Yellen also said that China promises to expand access to its market for American firms in the future.
"As for market access, American companies have good market access in many sectors. The Chinese side has announced its intention to provide additional access to markets in other areas over time," Yellen said.
The head of the US Treasury noted that some elements of China's policy towards companies from the United States are of concern to American firms. "American companies are concerned about what sometimes seems to be arbitrary actions by China directed against firms that are causing concern," she said.
The Finance Minister added that the United States is trying to deepen understanding with China of the goals of both countries in the economy in order to stabilize economic ties.
According to Yellen, the United States seeks to "stabilize relations with China by understanding the goals of both countries and the tools they have to achieve these goals." "Attempts to discuss and deepen our understanding of what our goals are and what tools we have are the basis for stabilizing the situation and giving companies a deeper understanding so that they can make smart and balanced decisions," the head of the US Treasury said.
Yellen expressed the opinion that "in some cases, the [PRC] government and Chinese business did not expect the actions taken by the United States." "I think that the United States, American companies also assess the actions of the Chinese side," she said.
According to her, the United States "does not want American private firms to sever ties with China." "The common desire of the United States and China is to create a level playing field, as well as continuous, significant and beneficial economic ties for both sides," the head of the US Treasury noted.
