Secretary Statements & Remarks

Remarks by Secretary of the Treasury Janet L. Yellen at Bilateral Meeting with Italian Minister of Economy and Finance Giancarlo Giorgetti

 As Prepared for Delivery

Thank you, Minister Giorgetti, for meeting with me today.

To begin, I’d like to acknowledge yesterday’s wave of horrific Russian missile attacks on Ukrainian cities and civilian targets. Our thoughts go out to the people of Ukraine.

I want to extend my congratulations to you on your appointment as Minister. I hope that Italy’s transition to new leadership remains smooth as you continue the difficult work to secure Italy’s economic recovery.

Italy has long been an important ally of the United States. I value our partnership on global economic issues, and I am particularly appreciative of our cooperation on sanctions to hold Russia accountable for its war against Ukraine.

Russia’s barbaric war has destroyed lives and livelihoods in Ukraine. But its ramifications have also reached millions around the globe – including threatening energy supply in Europe.

As I’ve said before, ending Russia’s war is a moral imperative. And it remains the single best thing we can do to help the global economy. Both of our countries are committed to holding Russia accountable for its horrific actions – and we must support brave Ukrainians as they defend their homeland and rebuild.

I look forward to discussing a range of issues with you today, including continuing to hold Russia accountable, supporting Ukraine financing and recovery, and building sustainable global growth.

In particular, I’m proud that yesterday the Biden Administration requested a further $14.5 billion, which will primarily provide economic assistance to Ukraine for the first 9 months of 2023. In addition to the European Union’s recent commitment of 18 billion euros in economic support for 2023, and the significant economic and security assistance our countries have already provided, we are ensuring that the Ukrainian people have the support they need to resist Russia’s illegal war of aggression.

On all of these issues, our partnership will be crucial, and I look forward to today’s discussion and engagements moving forward.

Thank you.