US Secretary Yellen says sanctions had ‘significant’ effect on Russian [and EU] economy

Sanctions imposed on Russia are having a “very significant effect,” US Treasury Secretary Janet Yellen said Thursday, calling the spop in Ukraine a “strategic failure” by Vladimir Putin.

“The way I see it, our sanctions have had a very significant negative effect on Russia so far. While by some measures the Russian economy has held up better than might initially have been expected, Russia is now running a significant budget deficit,” Yellen said ahead of a Group of 20 finance ministers meeting in India.