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Reuters

Politics

David Lawder

Yellen links Russia sanctions to 1940 U.S. asset freezes aimed at Nazis

Janet Yellen Russia Franklin D Roosevelt United States Germany US Treasury

FILE PHOTO: U.S. Treasury Secretary Janet Yellen looks on during a U.S. House Committee on Financial Services hearing on the Annual Report of the Financial Stability Oversight Council, on Capitol Hill in Washington, DC, U.S. May 12, 2022. Graeme Jennings/Pool via REUTERS/File Photo

U.S. Treasury Secretary Janet Yellen on Monday drew parallels between the financial pressure that the United States and its allies are imposing on Russia to the efforts of a 1940s Treasury secretary to deny financial resources to Nazi Germany.

Yellen, speaking at the POLIN Museum of the History of Polish Jews in Warsaw, said that in 1940 then-Treasury secretary Henry Morgenthau persuaded then-President Franklin D. Roosevelt to sign executive orders to freeze assets of Denmark and Norway despite U.S. neutrality at the time.

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