Best way to help global economy is end Ukraine war: Yellen

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US Treasury Secretary Janet Yellen has announced new sanctions against a transnational network allegedly involved in the purchase of technologies for Russia.

Yellen made the remarks on the sidelines of the G20 summit in Bali.

"This is part of our larger effort to disrupt Russia's war effort and deny equipment it needs through sanctions and export controls," Yellen told journalists.

The new sanctions would target 14 persons and 28 businesses, including financial facilitators, and will be officially disclosed later on Monday, as per local media sources.

Elsewhere in her remarks, Yellen claimed that the greatest approach to support the global economy is to end the war in Ukraine.

At a Sunday meeting with French Finance Minister Bruno Le Maire, Yellen said: "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," as per the US Treasury Department.

"We’re doing so [supporting Ukraine] with security assistance, budget support, and a wide range of sanctions. In addition, we’re working closely with each other – and the rest of the G7 – to implement a cap on the price of Russian oil. This policy will put downward pressure on global energy prices while reducing revenues that the Kremlin can use to fund its war," Yellen said.

Since the beginning of the war in Ukraine on February 24, 2022, the US and the EU have multiplied punitive measures to isolate Russia by targeting its banking system and freezing the assets of its leaders and its industries.

These have resulted in a number of consequences on the global market, such as higher gas, electricity, and food prices. Meanwhile, western citizens are bearing the brunt of the sanctions on Russia, with living conditions becoming increasingly difficult.