U.S. Treasury Secretary Janet Yellen, speaking in Dakar on Friday (January 20), said the U.S. is committed to helping Africa mitigate the effects of Russia's war on Ukraine.
"Russia's war and weaponization of food has exacerbated food insecurity and caused untold suffering and the global economic headwinds caused by the actions of a single man, President Putin, is creating an unnecessary drag on Africa's economy."
Yellen is in Senegal as part of a three-country visit to Africa.
Washington provided $13 billion in emergency aid and food assistance last year, as the U.S. looks to deepen ties with Africa and offer itself as an alternative to China.
Yellen has long been critical of the pace of China's efforts on debt treatments, whose collateralized loans have left many nations deeply in debt.
Meanwhile, she said the G7-led price cap on Russian crude oil is benefitting African countries.
"The aim is to stabilize global energy prices and reduce Russian revenues. While the policy is in the early stages of implementation, Treasury estimates that it has the potential to result in around 6 billion dollars in annual savings for the 17 largest net oil importing African countries."
G7 countries and Australia implemented the oil price cap in December.
A further cap on Russian refined petroleum products, such as diesel and fuel oil, is due to take effect in February.
