Yellen urges German banks to boost compliance with US sanctions on Russia

FRANKFURT, May 21 (Reuters) – U.S. Treasury Secretary Janet Yellen urged German bank executives on Tuesday to step up efforts to comply with sanctions against Russia and shut down efforts to circumvent them to avoid potential penalties themselves that would cut off dollar access.

Yellen said at the start of a meeting with bankers that the Treasury’s new authority to hit banks with secondary sanctions if they aid Russian military-related transactions had helped to frustrate Russia’s efforts to procure goods needed for its war in Ukraine, but more work was needed.