Russian invasion will have "enormous economic repercussions," says Treasury Secretary Janet Yellen

Russia's invasion of Ukraine will have "enormous economic repercussions in Ukraine and beyond," Treasury Secretary Janet Yellen told lawmakers Wednesday. People around the world are seeing rising prices on energy, food and other commodities. 

During a hearing before the House Financial Services Committee, Yellen said the invasion has disrupted the flow of food to millions of people around the world and caused prices to spike. Yellen also acknowledged the sanctions placed on Russia are driving up the price of energy. 

"We think it's a price important to pay to punish Russia for what it's doing in Ukraine, but energy prices are going up," Yellen said. "The price of wheat and corn that Russia and Ukraine produce are going up and metals that play an important industrial role – nickel, titanium, palladium – that goes into catalytic converters – the costs of those things are going up."