Remarks by Secretary of the Treasury Janet L. Yellen Ahead of Bilateral Meeting with Minister of the Economy Antoine Armand of France

As Prepared for Delivery

Minister Armand, it is a pleasure to meet with you as you begin your role as France's Minister of Economy and Finance.

I look forward to continuing the deep and longstanding cooperation between the United States. and France, including advancing our joint work on shared international economic priorities. That begins with our steadfast commitment to support Ukraine in its fight against Russia. We are committed to working together to unlock the value of immobilized Russian sovereign assets to help secure economic and security assistance for Ukraine. This will build on the financial support that both of our countries have provided to Ukraine.

We also continue to coordinate on strengthening our sanctions against Russia to limit its revenues and disrupt its ability to get the critical goods it needs, including through third countries like China. And we hope to continue to collaborate with allies, including France, to raise concerns about the risk to countries and businesses of negative spillovers from China's macroeconomic imbalances, which are leading to overcapacity in key industrial sectors.

We also look forward to building on our close cooperation to continue reforming the international financial institutions so that they more effectively meet the needs of emerging markets and developing countries, making the world more prosperous and stable for all of us.

I look forward to discussing these and other priorities in my meeting with Minister Armand today.

###