US Treasury Secretary Janet Yellen said Thursday that sanctions were hurting Russia, as she and other G7 finance chiefs discussed further measures on the eve of the first anniversary of the Ukraine invasion.
"The way I see it, our sanctions have had a very significant negative effect on Russia so far. While by some measures the Russian economy has held up better than might initially have been expected, Russia is now running a significant budget deficit," Yellen said in India.
Several countries, in particular China and India, have helped Moscow lessen the effect of sanctions by ramping up their purchases of Russian oil.Russia's GDP contracted by 2.1 percent in 2022 according to official figures—far from the apocalyptic predictions from last year—although some Western countries say the statistics are fake.
A senior US official said last week that the United States and its G7 allies planned to unveil "a big new package of sanctions" around the February 24 anniversary, including measures to crack down on the evasion of existing sanctions.
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