US Treasury Secretary Janet Yellen on Friday said that it is not now appropriate to sanction China as a partner of Russia, reported Bloomberg. Yellen continued that she is not seeing the end of globalisation but that she is concerned that the situation in Ukraine will reduce the prospects for global growth over the near year.

Global growth will be hurt by the recent jump in oil and other commodity prices, Yellen noted, saying that she is concerned about the spillover to countries dependent on wheat imports. It is conceivable that oil prices could go even higher, she warned. On the US economy, Yellen said she is not seeing weakness, noting strong job gains.