Yellen’s conversation with Liu was part of "the (US) administration’s ongoing efforts to maintain open lines of communication," the Treasury said in a statement, TASS reported.
"During the candid and substantive conversation, they discussed macroeconomic and financial developments in the United States and China, the global economic outlook amid rising commodity prices and food security challenges," the statement reads.
Yellen "frankly raised issues of concern including the impact" of Russia’s special military operation in Ukraine on the global economy and "unfair, non-market PRC economic practices." The US Secretary of Treasury noted that she looked forward to future discussion with China’s Liu, the US Treasury concluded.
On February 24, Russian President Vladimir Putin launched a special military operation in response to a request for help from the leaders of the two Donbass republics.
The Russian leader stressed that Moscow had no plans to occupy Ukraine, but that the goal was to demilitarize and denazify the country. The West retaliated with sweeping sanctions.
Also, Western countries have so far supplied billions of dollars worth of arms and military equipment to Kiev. Some Western politicians have acknowledged that an economic war is being waged against Russia.