Yellen: Russia’s invasion will have ‘enormous repercussions’

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — Treasury Secretary Janet Yellen has told a House panel that Russia’s actions in Eastern Europe “will have enormous economic repercussions in Ukraine and beyond.” Yellen said Wednesday that 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. She added that the rising price of energy, metal, wheat and corn that Russia and Ukraine produce “is going to escalate inflationary pressures as well.”