US' Janet Yellen affirms commitment to support Ukraine amid war; 'For as long as...'

The Russia-Ukraine war which started in February has escalated to a great extent for 10 months now. The western bloc has maintained solid support for Ukraine, since the start of the war. In an endeavour to provide constant support, the US has provided both humanitarian aid and military support to Ukraine from the very beginning. On December 11, the US Secretary of the Treasury, Janet Yellen weighed in on the current Russia-Ukraine crisis and also talked about how the US intends to continue its support to Ukraine. 

On Sunday, Yellen sat down for an interview with CBS news and gave an optimistic outlook towards the inflation crisis that has engulfed the US. During the interview, the issue of the Russia-Ukraine war was also touched upon. In her 60-minute interview when Yellen was asked how long Washington intends to continue the 'billions of dollars worth of support' for Ukraine, Yellen quipped, “for as long as we can”. Asserting that the US is in for the long haul, Yellen also exclaimed that the numerous sanctions imposed on the Putin administration have affected the Russian military capabilities to a great extent. She claimed that the Kremlin’s ability to supply to its military had been, “very significantly eroded by the sanctions and the export controls”.

When Yellen was asked about her thoughts on the end of the Russia-Ukraine war, she reiterated that the end of the war is “the single best thing we can do for the global economy.” She further explained, “We're doing everything we can to bring this war to a conclusion. Of course, we are providing considerable help - to Ukraine, both military and economic.” Similar claims were made by US President Joe Biden, earlier in the day when he assured Ukraine President Volodymyr Zelenskyy in a phone call that the US is prioritising efforts to strengthen Ukraine’s air space. 

The risk of inflation and Biden’s phone call to Zelenskyy

According to CBC News, the inflation in the US is at a 40-year high, US’s billions of dollars worth of support amidst the growing inflations have been a matter of concern for many. When Yellen was asked what 2023 looks like amidst all the chaos, she said, “So I believe inflation will be lower. I am very hopeful that the labor market will-- remain quite healthy-- so that people can feel good about their finances and their personal economic situation.” The US Secretary of Treasury also managed to give an update on the oil price cap imposed on Russia by the G20 and the EU states. When she was asked about the impact of the price cap on Russia, Yellen quipped, “so far so good”. 

Earlier, it was reported that US president Joe Biden assured Ukrainian President Volodymyr Zelenskyy that Washington will continue its support to Kyiv amidst the growing Russia-Ukraine war. On December 9, US announced $275 million in aid to Ukraine. The White House also claimed that both parties also talked future prospects of peaceful negotiations. The White House statement reads, “President Biden welcomed President Zelenskyy’s stated openness to a just peace based on fundamental principles enshrined in the United Nations Charter.”