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Treasury Secretary

US to impose sanctions on Russia ‘in the near future’: Treasury Secretary

WASHINGTON:  The United States will impose new sanctions on Russia "in the near future," Treasury Secretary Steven Mnuchin said Tuesday. The warning came as tensions heightened Tuesday between Moscow and Washington over possible punitive actions against Russian President Vladimir Putin's government for meddling in the US presidential election in 2016. President Donald Trump's administration on Monday declined to take new steps against Moscow under a law designed to retaliate for election interference, drawing criticism…

Trump administration rejects World Bank capital increase

WASHINGTON: The Trump administration on Friday rejected a capital increase by the World Bank, which the Bank says is necessary to expand its global anti-poverty mission. Treasury Secretary Steven Mnuchin said the huge Washington-based institution is inefficient and can be more effective in the nearly $60 billion in development finance it currently allocates each year. Through greater efficiency, the bank can internally build its capital base and expand lending without the need for more contributions from its 189…