US warns China about new sanctions

US Treasury Secretary Janet Yellen said that she agreed with Chinese Vice Premier He Lifeng to "intensify communication" on economic issues but warned him to crack down on Chinese companies that give material support to Russia, Report informs, citing Reuters.

The two "had candid, direct, and productive discussions" on issues from US export controls to possible areas of cooperation, including climate change and debt relief for low-income countries, Yellen told a press conference after two days of meetings in San Francisco.

She emphasized that the US has no desire to decouple its economy from China, but wanted a level playing field for US companies and workers.

"During our discussions, we agreed that in-depth and frank discussions matter, particularly when we disagree," Yellen said. "And I emphasized that the current uncertain global landscape makes it particularly crucial that we maintain resilient lines of communication going forward."

Yellen said that the Treasury has seen evidence that Chinese companies and banks may be aiding in the flow of equipment for Russia despite Western sanctions, and warned He that these firms "will face significant consequences" if they do.

"We would like to see China crack down on this, especially when we're able to provide information," Yellen said. She gave no further details on the names of the companies involved or on He's reaction.