- Yellen warns Beijing: Chinese firms aiding Russia face 'significant consequences'

U.S. Treasury Secretary Janet Yellen attended a press conference after meeting with Chinese Vice Premier He Lifeng ahead of a U.S.-hosted APEC Summit in San Francisco, California. Yellen expressed concern about Chinese firms potentially aiding Russia’s war effort by facilitating the flow of equipment, despite Western sanctions. She emphasized the need for companies to refrain from providing material support to Russia’s defense sector and warned of significant consequences for those who do. Yellen stated that the U.S. government had already imposed sanctions on several private firms, including some in China, and financial institutions that may be assisting Russia. She called on China to take action against this activity and mentioned the possibility of providing further information. Yellen clarified that the Chinese firms involved were private and that she was not implying complicity on the part of the Chinese government.