Yellen urges European banks to boost compliance with US sanctions on Russia

U.S. Treasury Secretary Janet Yellen urged European bank executives on Tuesday to step up their efforts to comply with moves to shut down Russia's evasion of sanctions.

Yellen said at the start of a meeting with bankers that the secondary sanctions authority, implemented last December, has frustrated Russia's efforts to procure goods needed for its war in Ukraine, but more work was needed.

"I urge all institutions here to take heightened compliance measures and to increase your focus on Russian evasion attempts," Yellen said in prepared remarks. "I ask that you ensure that your global sanctions compliance policies are stringently applied by your branches and subsidiaries abroad."