A meeting of finance officials of the Group of 20 countries, which coincided with the anniversary of the start of the war in Ukraine, revealed sharp differences between the world’s biggest economies on the conflict. The meeting began Friday in India’s southern city of Bengaluru.
At the opening session, U.S. Trade Secretary Janet Yellen called on G-20 countries to “redouble their efforts to support Ukraine and restrict Russia’s capacity to wage war.”
“I urge the Russian officials here at the G-20 to understand that their continued work for the Kremlin makes them complicit in [Russian President Vladimir] Putin’s atrocities,” Yellen said. “They bear responsibility for the lives and livelihoods being taken in Ukraine and the harm caused globally.”
Russia’s finance minister did not attend the meeting and Moscow was represented by deputies.
Yellen also said that Russia’s “weaponization” of food and energy has not only affected Ukraine adversely, but it also has harmed the global economy.
However, India, which holds the G-20 presidency this year, stayed away from mentioning the Ukraine conflict. New Delhi has not condemned the Russian invasion publicly nor joined Western sanctions against Russia. However, it has stepped up purchases of Russian oil.
In a video address to the gathering, Indian Prime Minister Narendra Modi urged the world’s leading economies to focus on the world’s “most vulnerable citizens of the world.”
Modi said the COVID-19 pandemic and “rising geo-political tensions in different parts of the world” had led to unsustainable debt levels in several countries, disruptions to global supply chains and threats to food and energy security.
“You represent the leadership of global finance and economy at a time when the world is facing serious economic difficulties,” Modi said. “It is up to you, the custodians of the leading economies and market systems, to bring back stability, confidence and growth to the global economy.”
It remains unclear if delegates in Bengaluru will reach a consensus on a joint statement that is to be issued Saturday because of differences among delegates from different countries.
India does not want the word “war” to be mentioned, instead preferring the geopolitical tension to be referred to as a “crisis” or a “challenge,” according to domestic media reports.
But countries like the U.S., Germany and Britain emphasized the need for an explicit mention of the Russian invasion.
Calling for “absolute clarity” on the anniversary at a news conference, German Finance Minister Christian Lindner said, “This is a war. And this war has a cause, has one cause, and that is Russia and Vladimir Putin. That must be expressed clearly at this G-20 finance meeting.”
British Finance Minister Jeremy Hunt told reporters, “In the end, unless we resolve the global security threats, there can be no progress on these other areas.”
On Thursday, Yellen told a news conference that she would like to see a “strong condemnation” of Russia’s invasion.
The G-20, which includes advanced and emerging economies, was created after the Asian financial crisis in 1999, and is seen as a forum that focuses on how to manage global economic crises.
At the two-day talks, ministers are expected to discuss the impact of the COVID-19 pandemic and the Ukraine war on poorer nations that have been adversely impacted by high food and fuel prices and are grappling with high debt.
They also will focus on issues including reform of institutions like the World Bank, debt relief for low-income countries, climate change and financial inclusion.
“Trust in international financial institutions has eroded. This is partly because they have been slow to reform themselves,” Modi said in his address.
India is hoping to use its presidency of the G-20 to bring attention to the problems faced by developing countries and emerge as the voice of what Indian officials call the “Global South.”
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