Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell left a G20 meeting on Wednesday when Russian Finance Minister Anton Siluanov began speaking, according to a source familiar with the matter.

State of play: Yellen and Powell were joined by other world leaders, including European Central Bank Director Christine Lagarde, Canadian Deputy Prime Minister Chrystia Freeland and Ukrainian Finance Minister Serhiy Marchenko.

  • Siluanov was virtually participating in the meeting. Some finance ministers and central bank governors who were also present at the meeting virtually switched off their cameras when Russia spoke, according to a source familiar with the meeting.

The Treasury Department has been vague all week on Yellen’s plans for G20 participation given Russia’s involvement. Wednesday’s walkout appears to be a carefully planned dramatic statement.

The big picture: As Russia’s unprovoked invasion of Ukraine continues, the walkout shows how increasingly isolated the country is becoming.

Between the lines: After the walkout, the Treasury Department unveiled a new round of sanctions against Russia.

  • Those affected include a commercial bank that offered services to banks in China and the Middle East, and suggested options to evade international sanctions, according to the Treasury.
  • In addition, the United States is sanctioning “more than 40 individuals and entities led by U.S.-appointed Russian oligarch Konstantin Malofeyev, including organizations whose primary mission is to facilitate sanctions evasion for Russian entities. “.

Go further: Yellen: Don’t help Russia evade sanctions, otherwise

Editor’s Note: This story has been updated with new details.