News and reports from the Department of the Treasury.

The Department of the Treasury’s Office of Foreign Assets Control (OFAC) has amended the Cuban Assets Control Regulations (CACR) to further support the Cuban people and independent private sector entrepreneurs. This move aligns with the policy announced by the Biden-Harris Administration on May 16, 2022. The regulatory amendments will take effect upon publication in the Federal Register on May 28, 2024.

KYIV – Deputy Secretary of the Treasury Wally Adeyemo met with Iryna Mudra, Deputy Head of the Presidential Office of Ukraine, during his visit to Kyiv. During the meeting, Deputy Secretary Adeyemo praised Mudra for her efforts in developing an international compensation mechanism aimed at holding Russia accountable for its actions against Ukraine. They discussed ongoing initiatives to unlock the value of immobilized Russian sovereign assets (RSA) to support Ukraine.

On behalf of U.S. Treasury Secretary Janet Yellen, I would like to thank the Government and people of Armenia for generously hosting the 2024 EBRD Annual Meetings of the Board of Governors. President Odile Renaud-Basso has steered the EBRD successfully over the past year through successful capital increase negotiations—on the heels of the Bank’s first-mover, quick and effective support to Ukraine—and the historic resolution on the Bank’s incremental expansion to sub-Saharan Africa and Iraq.

STRESA – Yesterday, Secretary of the Treasury Janet L. Yellen met with European Commissioner for the Economy Paolo Gentiloni on the sidelines of the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy. During their meeting, Secretary Yellen commended the European Union’s economic growth in the first quarter, alongside falling inflation and continued strength in the labor market.

Under Secretary for Domestic Finance Nellie Liang addressed the Central Bank of Ireland Conference on Macroprudential Policy for Investment Funds, discussing the increasing significance of non-bank financial intermediaries and their potential systemic risks.

KYIV – Deputy Secretary Adeyemo met today with faculty and students from the Kyiv School of Economics, along with select non-governmental organizations. The group engaged in a discussion focused on supporting Ukraine’s economic recovery. Key topics included unlocking the value of immobilized Russian sovereign assets, Russia’s transition to a wartime economy, and measures to restrict Russia's revenue and disrupt its procurement of priority goods.

Thank you, Michelle, and thanks to Linda, Ricardo, and Fabiola for the chance to be here.

FRANKFURT – Secretary of the Treasury Janet L. Yellen today convened a roundtable with German financial executives to discuss global macroeconomic trends and financial sector risks, including illicit finance and Russian sanctions evasion.

WASHINGTON – The United States has commended the productive Annual Meetings of the European Bank for Reconstruction and Development (EBRD) and acknowledged the re-election of President Odile Renaud-Basso to a second term. The U.S., as EBRD’s largest shareholder, also welcomed Iraq's membership and Benin as EBRD’s 75th member and first sub-Saharan African member, indicating progress toward EBRD’s limited expansion into sub-Saharan Africa.

On May 16, 2024, U.S. Secretary of the Treasury Janet Yellen, alongside Department of Agriculture Secretary Tom Vilsack, Department of Energy Secretary Jennifer Granholm, Senior Advisor for International Climate Policy John Podesta, National Economic Advisor Lael Brainard, and National Climate Advisor Ali Zaidi announced the release of a Joint Statement of Policy and new Principles for Responsible Participation in Voluntary Carbon Markets (VCMs). These markets have the potential to channel private capital towards decarbonization efforts.

On May 16, 2024, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated three individuals and three entities associated with the malicious botnet tied to the residential proxy service known as 911 S5. The individuals sanctioned are Yunhe Wang, Jingping Liu, and Yanni Zheng. The entities include Spicy Code Company Limited, Tulip Biz Pattaya Group Company Limited, and Lily Suites Company Limited.

KYIV – Today, Deputy Secretary of the Treasury Wally Adeyemo met with Finance Minister of Ukraine Sergii Marchenko in Kyiv. Deputy Secretary Adeyemo and Finance Minister Marchenko discussed Ukraine’s economic outlook and the efforts of Ukraine’s Finance Ministry in mobilizing domestic and international support to help maintain essential services for the people of Ukraine and finance its defense against Russia. The Deputy Secretary also encouraged the Government of Ukraine to maintain momentum on its reform agenda. The Deputy Secretary and Finance Minister also discussed...

Deputy Secretary of the Treasury Wally Adeyemo recently delivered remarks at the Vice President’s Economic Opportunity Tour Event in Milwaukee, Wisconsin. He began by expressing his gratitude for the warm introduction and acknowledging the presence of Acting Secretary Adrianne Todman and Vice President Kamala Harris.

Secretary of the Treasury Janet L. Yellen addressed a roundtable with CEOs of German banks in Frankfurt, Germany, on May 16, 2024. In her remarks, she highlighted the resilience of the global economy despite challenging geopolitical conditions and noted that financial conditions have improved since last year's banking sector turmoil.

STRESA – Secretary of the Treasury Janet L. Yellen met with France’s Minister of Economy and Finance Bruno Le Maire today on the sidelines of the G7 Finance Minister and Central Bank Governor Meetings in Stresa, Italy.