Yellen Says US Seeking to Strengthen Russia Sanctions

We have ongoing work on sanctions, working with our partners. We are seeking to strengthen sanctions and to make sure that we address violations of sanctions. And clearly the Russians are looking for ways, routes to backfill. We have deprived them of many channels through which they can obtain the materials that are critical for their defense efforts. And they're looking clearly to backfill, to obtain that. And that's a particular focus that we have in mind, both with respect to enforcement and perhaps with respect to further sanctions. While there are significant headwinds, it's fair to say that the global economy is in a better place today than many predicted just a few months ago.

In the fall, many were worried about a sharp economic slowdown across the world. The challenges we face are real, and the future is always uncertain. But the outlook has improved since we gathered in the fall.

Bloomberg