US Treasury Secretary Yellen, in remarks to bankers, urges European banks to heighten compliance measures and increase focus on Russian evasion attempts

Adds that European banks should ensure that overseas branches stringently apply sanctions compliance policies, particularly in high risk jurisdictions.
US Treasury continues to explore new ways to reduce Russia's revenues and acquire goods for its war in Ukraine.
The most concerning evasion of US Russian sanctions has come through China, the UAE, Turkey, but the US is watching Europe as well.
She notes banks have bolstered compliance measures in response to US warnings on secondary financial institution sanctions.
Actions by global financial sector are helping to frustrate Russia's ability to procure battlefield goods.
She said the global economy resilient in face of challenging geopolitical landscape, and global financial conditions have eased since 2023 banking sector turmoil, risks broadly balanced.
Yellen says US Treasury is remaining vigilant to elevated corporate debt, leverage and liquidity mismatches in non-bank sector, commercial real estate strains.