Japan And US Finance Ministers Pledge to Incur “Maximum Costs” to Russia

Japanese Finance Minister Shunichi Suzuki said on Tuesday that Japan and the United States had pledged to work together to make Russia “pay a heavy price” for its invasion of Ukraine.

In comments he made shortly after his online conversations with US Treasury Secretary Janet Yellen, Suzuki said the two sides agreed to continue coordinating with each other in action against Russia, which invaded neighboring Ukraine on Feb. 24.

He added that the Russian Central Bank’s hike in interest rates reflects the impact of the sanctions imposed on Russia.

In a statement after Yellen’s call with Suzuki, the US Treasury said the secretary pledged to work closely with Japan and other G7 countries to isolate Russia from the global financial system and “impose maximum costs” on Moscow.

Group of Seven finance ministers are set to meet remotely on Tuesday to discuss financial sanctions against Russia.