Image: Reuters Berita 24 English - In order to avoid catastrophic humanitarian consequences, G20 financial executives meeting in Bali must m...
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| Image: Reuters |
Berita 24 English - In order to avoid catastrophic humanitarian consequences, G20 financial executives meeting in Bali must make headway addressing the global economic challenges brought on by Russia's war in Ukraine, according to the host nation of Indonesia.
Russian officials present at the negotiations came under fire from certain Western ministers; U.S. Treasury Secretary Janet Yellen claimed that Russia's "brutal and immoral conflict" was exclusively to blame for the current global economic crisis.
The Group of 20's top financial decision-makers are meeting on a vacation island as the host nation, Indonesia, works to forge alliances among a group that has been weakened by the conflict in the Ukraine and the mounting economic difficulties caused by skyrocketing inflation.
Recent G20 meetings, notably the gathering of foreign ministers last week, have been overshadowed by Russia's invasion of Ukraine, which the Kremlin refers to as a "special military operation."
The world has high hopes that the group can find a solution to the prospect of war, rising commodity prices, and the knock-on effects on the capacity of low-income nations to repay debt, according to Indonesia's Finance Minister Sri Mulyani Indrawati.
"We are well aware that failing to cooperate will cost us more than we can bear. The humanitarian ramifications would be terrible for the entire planet, but especially for many low-income countries "She spoke.
Members of the G20 include Western nations who have sanctioned Russia and have accused it of committing war crimes in Ukraine, which Moscow denies, as well as other countries like China, India, and South Africa that have responded less strongly.
In order to produce more technical decisions and practical action, Sri Mulyani urged G20 members to "create bridges amongst each other" and talk less about politics.
At the conference, Russian finance officials, according to Yellen, shared blame for the "horrendous repercussions" of the conflict.
"Russia is exclusively accountable for negative spillovers to the global economy, including increased commodity prices," Yellen said. "This war was started by Russia."
According to a person with knowledge of the situation, the talks were being held in Bali with the participation of Russian Deputy Finance Minister Timur Maksimov and Russian Finance Minister Anton Siluanov digitally.
According to the source, Maksimov spoke to the group, and no other leaders left.
Western nations have argued repeatedly that due to Russia's participation, "business as usual" at the G20 meetings is not possible.
According to a Western diplomat who spoke to Reuters, Canadian Finance Minister Chrystia Freeland informed Russian authorities that she held them personally accountable for "war crimes" committed during Russia's war.
The war was seen as the "single biggest threat to the global economy right now" by Freeland, whose maternal grandparents were born in Ukraine, the official said.
Sergei Lavrov, the foreign minister of Russia, left a G20 conference with his counterparts last week in Bali due to what he called "frenzied criticism" of his nation over the war.
There was no communiqué or declaration of agreements at the conclusion of that meeting.
Yellen stated that one of her main goals was to pressure G20 creditors, particularly China, to complete debt relief for nations that were in financial crisis.
