The U.S. Treasury, several global development banks and other groups have unveiled a multi-billion dollar plan meant to address a worldwide food security crisis exacerbated by Russia’s war in Ukraine.
Russia and Ukraine produce a third of the world’s wheat supply, and the loss of commodities due to the war has resulted in soaring food prices and uncertainty about the future of food security globally, especially in impoverished countries.
Yellen said the U.S. Congress was moving forward with a package of $40 billion in security, economic, and humanitarian aid for Ukraine and that she would urge her G-7 counterparts “to join us in increasing their financial support to Ukraine. Ukraine has done remarkable work to repel Russia’s invasion but they need our help and they need it now.”
Yellen said that liquidating Russian Central Bank reserves in other countries so that the money can be used to finance the defense of Ukraine “is not something that is legally permissible in the United States," but left the option open.German Finance Minister Christian Lindner, for his part, said that using frozen Russian Central Bank assets to cover running costs is a possible option for longer-term rebuilding efforts.
While European nations plan to phase out of Russian oil and gas, the U.S. is pressing EU leaders to consider possible oil tariffs and other methods of preventing Russia from benefiting from increased energy prices.
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