During a hearing before the House Financial Services Committee, Yellen said the invasion has disrupted the flow of food to millions of people around the world and caused prices to spike.
Russia's invasion of Ukraine will have"enormous economic repercussions in Ukraine and beyond," Treasury Secretary Janet Yellen told lawmakers Wednesday. People around the world are seeing rising prices on energy, food and other commodities.
Together, Russia and Ukraine amount to nearly a third of the world's wheat exports. Russia is also one of the largest exporters of energy. Yellen said she believes sanctions as well as export restrictions have deprived Russia of the"war chest" they were counting on.
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