Yellen says Russia should be kicked out of G20

US Treasury Secretary Janet Yellen said, "President Biden has made it clear that there can't be business as usual for Russia in any of the financial institutions. He has requested that Russia be removed from the G-20 and I have made it clear to my colleagues in Indonesia that we will not participate in a number of meetings if the Russians are there."

Yellen added that the Russian invasion and killing of civilians in the town of Bucha is an unacceptable affront to the rules-based world order and will have enormous economic repercussions, while Moscow said President Vladimir Putin intends to attend the G20 summit in Bali in November. Yellen said a complete ban on oil exports from Russia, the world's third-largest producer, would likely lead to a sharp price hike that would hurt the United States and Europe, but she hoped oil companies elsewhere would be tempted to increase production that could allow In addition to releasing oil from the Strategic Petroleum Reserve of the United States, imposing stricter restrictions on Russian oil