Treasury Secretary Janet Yellen attends a bilateral meeting with South Africa's Finance Minister. Photo: AFP via Getty Images
Treasury Secretary Janet Yellen taunted Moscow that U.S.-led sanctions have impaired Russia's “ability to conduct war” and claimed their military is now scavenging to find crucial replacement parts for battlefield equipment.
Why it matters: Yellen made her comments in an interview with Axios in Johannesburg, South Africa, after warning government officials in Pretoria they shouldn’t violate U.S. sanctions.
Driving the news: Russia’s navy is scheduled to conduct training exercises with South Africa’s defense forces next month on the one-year anniversary of their invasion of Ukraine.
What they are saying: Yellen acknowledged the sanctions have not affected Russia’s currency, but said "our objective with the sanctions is to impair their ability to conduct war."
The big picture: The U.S., China and Russia are competing for influence in Africa, a continent rich in minerals that will help power a green energy transformation.