The West wants Russia to pay for the reconstruction of Ukraine
US Treasury Secretary Janet Yellen said on Wednesday that the United States and its Western allies are looking forward to Russia paying at least some of the costs of rebuilding Ukraine as a result of the invasion that has been going on since February 24.
"Western sanctions against Russia have already had a tremendous impact," Yellen told reporters, before a meeting of G7 finance ministers in Germany.
She explained that "Russia is suffering from economic stagnation, high inflation, severe challenges in its financial system, and an inability to purchase the materials and products they need to support their war or economy."
"We are working to reduce Russia's economic income from oil and gas export revenues," she said.
On Wednesday, the European Union is set to propose a new package of loans to Ukraine to provide immediate liquidity, as well as commitments for long-term reconstruction.
Yellen had called on allies, on Tuesday, to increase financial support for Ukraine, saying that the funds announced so far, will not be enough to cover the country's needs in the short term at a time when it is resisting the invasion of Russia.
On the internal situation in the United States, Yellen said, "The situation of American families is good and there is money that can be spent."
She added, "I do not see that the United States will enter a recession, but there are risks of inflation."
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