Russia’s war in Ukraine dominates the G20 finance ministers’ meeting in Bali

G20 finance leaders meeting in Bali must make headway in addressing global economic threats unleashed by Russia’s war in Ukraine or the humanitarian fallout would be catastrophic, host Indonesia said yesterday.

Some Western ministers berated Russian officials attending the talks, and US Treasury Secretary Janet Yellen said Russia’s “brutal and unjust war” was solely responsible for the economic crisis the world is now facing.

Russia’s invasion of Ukraine has overshadowed recent G20 meetings, including last week’s foreign ministers’ meeting.

Finance Minister of host country Indonesia, Sri Mulyani Indrawati, said the world had high hopes that the G20 could find a solution to the threat of war, rising commodity prices and the impact on low-income countries’ ability to repay debt.

“We are very aware that the cost of our failure to work together is greater than we can afford. The humanitarian consequences for the world and especially for many low-income countries would be catastrophic,” she said.

G20 members include Western countries, which have imposed sanctions on Russia and accuse it of war crimes in Ukraine, which Moscow denies, and nations like China, India and South Africa, which have been more muted in their response.

Sri Mulyani urged members to “build bridges between each other” to make more technical decisions and concrete actions.

She also called for a joint forum involving the finance and agriculture ministries of the G20 to develop concrete measures to combat growing food insecurity and a looming fertilizer supply crisis.

Russian Deputy Finance Minister Timur Maksimov personally addressed the meeting.

Canadian Treasury Secretary Chrystia Freeland has told Russian officials that she holds her personally responsible for “war crimes” committed in Russia during the war, a Western official told Reuters.

European Union Economy Commissioner Paolo Gentiloni said via video link the global economy was facing a “major setback” because of the war.

“Most of the key risks to the global outlook — rising commodity prices, food shortages and ongoing supply chain disruptions — hinge on the trajectory of the war Russia started.” Russia’s war in Ukraine dominates the G20 finance ministers’ meeting in Bali

Fry Electronics Team

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