Japan, U.S. finance chiefs pledge “maximum costs” for Russia

TOKYO (Reuters) -Japan and the United States pledged on Tuesday to work together to force Russia to “pay the high price” for its invasion of Ukraine, Finance Minister Shunichi Suzuki said on Tuesday.

Speaking shortly after his online talks with U.S. Treasury Secretary Janet Yellen, Suzuki said both sides agreed to continue to coordinate with each other in acting against Russia, which invaded neighboring Ukraine on Feb. 24.

The fact that Russian central bank raised interest rates showed that sanctions were having an impact, he added.

Yellen pledged to work closely with Japan and other G7 wealthy democracies to isolate Russia from the global financial system and “impose maximum costs” on Moscow, the U.S. Treasury said in a statement after her call with Suzuki.

G7 finance ministers are due to meet virtually on Tuesday to discuss the financial sanctions against Russia.

“Secretary Yellen highlighted the force of the unprecedented and coordinated measures from the U.S. and its partners and allies, including Japan, and welcomed Japan’s recent action towards the Central Bank of Russia and intention to take action against Belarus,” the Treasury said in a statement.