RIO DE JANEIRO – Today, Secretary of the Treasury Janet L. Yellen met with Italy’s Minister of Economy and Finance Giancarlo Giorgetti on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Rio de Janeiro, Brazil. Secretary Yellen commended Italy’s leadership of the G7, culminating in the G7 Leaders’ Apulia Summit where leaders pledged to launch “Extraordinary Revenue Acceleration” loans that unlock the value of immobilized Russian sovereign assets to support Ukraine’s resistance and aid its long-term reconstruction amid Russia’s brutal, illegal, and unjust war in Ukraine. Secretary Yellen expressed the need to continue working with the European Union and the rest of the G7 to bolster sanctions regimes that curb Russia’s ability to wage its war in Ukraine. Secretary Yellen and Minister Giorgetti also exchanged views on Chinese excess industrial capacity which has the potential for global spillovers and price distortion. The Secretary outlined actions taken by the Biden Administration to protect American companies and workers from the detrimental market impacts of Chinese overcapacity.
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