Treasury Secretary Janet Yellen on Wednesday said that the US will not participate in G20 meetings with Russia. The former  Federal Reserve chair added that there will be “enormous economic repercussions in Ukraine and beyond” in response to Mosow’s actions. 

Yellen’s statement came on the day when the United States announced sanctions on Russian financial institutions and President Vladimir Putin’s daughters. 

The treasury secretary in remarks to the House Financial Services Committee said that she supports President Joe Biden in his call to expel Russia from the G20. 

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“President Biden’s made clear, and I certainly agree with him, that it cannot be business as usual for Russia in any of the financial institutions. He’s asked that Russia be removed from the G20 and I’ve made clear to my colleagues in Indonesia that we will not be participating in a number of meetings if the Russians are there,” Janet Yellen said. 

The G20 (Group of Twenty) is a forum comprising 19 countries and the European Union. It addresses major economic issues globally. 

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“Globally, spillovers from the crisis are heightening economic vulnerabilities in many countries that are already facing higher debt burdens and limited policy options as they recover from COVID-19,” Yellen said. 

A White House official had earlier had not ruled out US President Joe Biden attending this year’s G20 summit even if Russia participates. Biden had said during a press onference in Brussels last month that Russia should be ejected from the group. The next G20 leaders summit is set for November in Indonesia. 

Yellen said Russia’s invasion “including the atrocities committed against innocent Ukrainians in Bucha, are reprehensible, represent an unacceptable affront to the rules-based global order, and will have enormous economic repercussions for the world.”

“Treasury is committed to holding Russia accountable for its actions so it cannot benefit from the international financial system,” Yellen said.

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Lawmakers questioned Yellen on China and Taiwan as the U.S. and its allies continue to impose sanctions on Russia. She said the U.S. is prepared to impose sanctions against China if Beijing moves aggressively toward Taiwan, as some fear it might.

“I believe we’ve shown that we can in the case of Russia,” she said. “I think you should not doubt our ability to resolve to do the same in other situations.”