Treasury Secretary Janet Yellen and Federal Reserve chair Jerome Powell walked out of a G20 meeting on Wednesday when the Russian finance minister, Anton Siluanov, started speaking, according to a source familiar with the matter.
State of play: Yellen and Powell were joined by other world leaders, including European Central Bank head Christine Lagarde, Canadian Deputy Prime Minister Chrystia Freeland and Ukraine's finance minister, Serhiy Marchenko.
- Siluanov was participating in the meeting virtually. Some finance ministers and central bank governors who were also in the meeting virtually turned their cameras off when Russia spoke, per a source familiar with the meeting.
The Treasury Department has been vague all week about Yellen’s plans for participation in the G20 given Russia’s involvement. Wednesday's walkout appears to be a carefully planned dramatic statement.
The big picture: As Russia's unprovoked invasion of Ukraine continues, the walkout shows how increasingly isolated the country is becoming.
- President Biden had said last month that he would support Russia being expelled from the G20.
Between the lines: Following the walkout, the Treasury Department unveiled a new round of sanctions against Russia.
- Those affected include a commercial bank which has offered services to banks in China and the Middle East, and has suggested options to evade international sanctions, per the Treasury.
- Additionally, the U.S. is sanctioning "more than 40 individuals and entities led by U.S.-designated Russian oligarch Konstantin Malofeyev, including organizations whose primary mission is to facilitate sanctions evasion for Russian entities."
Go deeper: Yellen: Don't help Russia evade sanctions, or else
Editor's note: This story has been updated with new details throughout.
