Russia is increasingly on "an economic island" as its economy is isolated with sanctions amid its war on Ukraine, US Treasury Secretary Janet Yellen said Wednesday.
"The Treasury Department and finance ministries around the world together have isolated the Russian economy and made it harder to finance (Russian President Vladimir) Putin’s war of choice," she said at the University of Illinois Chicago Innovation Center.
"Eighty percent of its banking assets are now under Treasury restrictions, and between Sunday and Monday morning, we, along with our allies, immobilized half the assets in Russia’s central bank," she added.
Yellen said the US and its allies have gone after oligarchs and Russian elites who are key to Putin’s power.
"We have sanctioned many of these individuals and we are working with Justice Department colleagues and our international allies to uncover, freeze and seize their wealth around the world," she said.
Yellen warned that the US and its allies will continue to "impose severe consequences" if Putin remains on course.
