US Secretary Treasury Secretary Janet Yellen is expected to call on Europe and the US to stand together against Russian aggression and Iranian "support for terrorism", including by finding a way to use frozen Russian sovereign assets to help Ukraine. This was reported by Reuters and Bloomberg, referring to notes for a speech dedicated to the transatlantic union, which Yellen will deliver tomorrow in Frankfurt, writes BTA.
The US Treasury Secretary will arrive in Frankfurt tomorrow to receive the "Honorary Doctorate" of the Frankfurt School of Finance and Management. European Central Bank (ECB) President Christine Lagarde and German Finance Minister Christian Lindner are expected to participate in the event.
Yellen's remarks to tomorrow's speech, released today, say US and European support is essential for Ukrainian resistance to Russia's invasion.
"And let me be clear. This is also critical for the security of the American and European peoples. (…) If we stand by while dictators violate territorial integrity and flout the rules-based international order, they have no reason to stop when they reach their initial goals. They will move on", Yellen is expected to say.
She will also talk about the need to crack down on Russian sanctions evasion and provide Ukraine with funding to equip its military, fund critical government services and ultimately rebuild after the end of the conflict.
"This is why I believe it is vital and urgent that we collectively find a way to unlock the value of Russian sovereign assets locked in our jurisdictions for the benefit of Ukraine. This will be a key topic during the G7 meetings this week,'' Yellen's speech notes read. G7 finance ministers will meet in Stresa, Italy, from May 23 to 25.
Yellen is also expected to say that Europe and the US have acted "resolutely" to impose sanctions on Iran for its "support for terrorism" in the Middle East and the proliferation of drones and missiles used in the conflicts in Gaza and Ukraine. They should continue in the same way in the future, according to the US Treasury Secretary.
However, the speech notes did not mention the death of Iranian President Ebrahim Raisi, who died in a helicopter crash.
Yellen will also recall that the US and Europe cooperate closely on screening investments related to national security, noting that 22 EU countries have passed investment screening legislation.