Sinema Examines Impact of Russia’s Invasion in Ukraine on Supply Chains, Inflation

Mar 7, 2022

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Senator underscored her support for strong, swift sanctions on Russian banks and oligarchs in response to Russia’s illegal and unprovoked war

WASHINGTON – Arizona senior Senator Kyrsten Sinema questioned Federal Reserve Chair Jerome Powell on how Russia’s war in Ukraine has impacted supply chain issues and inflation in Arizona and across the country during a Senate Banking Committee hearing. 
Sinema highlighted her support for the administration’s strong and swift sanctions on major Russian banks and oligarchs in response to Russia’s illegal and unprovoked war.
“I am supportive of the strong, swift actions the Administration has taken to sanction major Russian banks and Russian oligarchs in response to the unprovoked war that Russia is waging against Ukraine. I believe we can go further and do more. I am also mindful of the impacts that these sanctions are having and will continue to have on everyday people… These sanctions can affect the availability and pricing of essential goods for hardworking Arizona families by further disrupting global supply chains,” said Sinema, a member of the Senate Banking Committee.
In addition to her strong support for swift and decisive actions to hold Russia accountable, Sinema asked Chair Powell how the Federal Reserve is examining its approach on interest rates during Russia’s war in Ukraine, and how the allied sanctions against Russian banks affect the pricing of oil and gas for American consumers. Sinema shared concerns from Arizonans about the price of groceries, everyday goods, and gas.
The Federal Reserve Chair is required to appear before the Senate Banking Committee twice a year to discuss monetary policy, economic developments, and future economic prospects. During this hearing, Chair Powell shared current economic conditions including inflation, interest rates, and the labor and housing markets, as well as actions the Federal Reserve is taking to address these issues.