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10/16/2023

Remarks By Secretary of the Treasury Janet L. Yellen at Press Availability with Eurogroup President Pascal Donohoe i…

Remarks By Secretary of the Treasury Janet L. Yellen at Press
Availability with Eurogroup President Pascal Donohoe in
Luxembourg, Luxembourg
October 16, 2023

As Prepared for Delivery
Thank you again to President Donohoe for the invitation to join you here in Luxembourg
today.
Todayʼs meeting allowed us to continue deepening our partnership through discussing two
key areas of collaboration: economic support to Ukraine and our respective economic
relationships with China.
We rea irm today that our coalition will continue supporting Ukraine for as long as it takes.
The U.S. and EU have each provided significant support to Ukraine. This support is bolstering
the home front to help Ukrainian citizens and to enable Ukraine to channel resources toward
its resistance on the frontlines.
Looking ahead, we must not allow our support for Ukraine to be interrupted. The Biden
Administration is committed to getting Ukraine the assistance it needs to fight this war and
support its people. This advances our national security and protects the values we and our
allies and partners share. We will do everything possible to put in place a robust Ukraine
package.
Looking to recent developments in the EU, we particularly applaud the commitment to stand
up a multi-year 50 billion euro Ukraine Facility. This Facility will cover a portion of Ukraineʼs
immediate financing needs and enable sustained support for reconstruction.
We also discussed our joint and ongoing e orts to undermine Russiaʼs ability to financially
sustain its unjust war. Weʼve put in place an unprecedented multilateral sanctions regime and
novel price caps on Russian oil. And we continue to evolve our e orts as the war continues,
including through cracking down on sanctions evasion and ratcheting up pressure on the
Kremlin.

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10/16/2023

Remarks By Secretary of the Treasury Janet L. Yellen at Press Availability with Eurogroup President Pascal Donohoe i…

Collaboration is also crucial as we each deepen our communication and advance our economic
relationships with China. Our work on outbound investments is one shared priority. The U.S. is
currently implementing a targeted program on outbound investments, and we are eager to
support similar e orts in the EU.
Strengthening our critical supply chains is another key priority. Decoupling from China is not an
option for the U.S. or for the EU. Instead, we are each pursuing approaches that center on
diversification, or de-risking, and we have much to gain from collaboration here.
Ultimately, the achievement of U.S. and EU shared priorities and the strength of the global
economy depends on our principled and coordinated work.
I am very glad to have had the opportunity to be here today. I know President Biden is looking
forward to hosting a summit with European Commission President von der Leyen and
European Council President Michel this coming Friday. And I look forward to other future
engagements with the Eurogroup and with Eurogroup members.
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