Yellen warns banks doing business with Russia

U.S. Treasury Secretary Janet Yellen said European banks faced increasing risks from doing business in Russia and that the U.S. was considering strengthening secondary sanctions on banks found to be helping Russia’s war effort. “We are considering potentially tougher sanctions on banks doing business in Russia,” Yellen told Reuters in an interview, declining to elaborate and not specifying any banks that could be targeted. Speaking on the sidelines of a G7 financial leaders’ meeting in northern Italy, Yellen said sanctions on banks’ dealings in Russia would only be imposed “if there is a reason to do so,” but that “doing business in Russia creates too much risk.”