The Hamilton Spectator

Ukraine tensions flare at G20 finance meetings

Nations urged to do more to hinder Moscow’s war effort

- SIBI ARASU

Tensions over Russia’s war on Ukraine flared Friday at meetings of financial chiefs of the Group of 20 leading economies, where geopolitic­s affected the atmosphere if not the agenda of the gathering in the Indian technology hub of Bengaluru.

U.S. Treasury Secretary Janet Yellen condemned the “illegal and unjustifie­d war against Ukraine” at a session attended by Russian officials and reiterated calls for G20 nations to do more to support Ukraine and hinder Moscow’s war effort.

“I urge the Russian officials here at the G20 to understand that their continued work for the Kremlin makes them complicit in Putin’s atrocities,” Yellen said. “They bear responsibi­lity for the lives and livelihood­s being taken in Ukraine and the harm caused globally.”

As the meetings convened on the one-year anniversar­y of Russia’s invasion of Ukraine, such issues were bound to crop up, despite host India’s reluctance to be caught between allies of Ukraine and Russia and other countries supporting Moscow, such as China.

In kicking off the meetings Friday, Indian Prime Minister Narendra Modi avoided mention of Ukraine.

Meeting on the G20 sidelines, Yellen and British Treasury chief Jeremy Hunt condemned the war and said they were working together to deal with the crisis.

Hunt praised efforts to support Ukraine, according to remarks provided by U.S. Treasury officials.

“We are pleased that there is such unity among democracie­s that this cannot be allowed to happen. We don’t think the job is by any means done,” he said. “There is no choice between whether we focus on Ukraine or focus on other important global issues like climate change. In the end if we don’t resolve global security threats, there can be no progress on these other areas.”

The wording of a communique due to be issued Saturday when the talks wrap up was evidently still under discussion, as other forums such as the Group of Seven prepared to announce new sanctions against Russia.

At the last major G20 meeting, in Bali, Indonesia, G20 leaders strongly condemned the war, warning that the conflict is intensifyi­ng fragilitie­s in the world’s economy. They finessed divisions among them given that the group includes Russia and also countries like China and India that have significan­t trade ties with Moscow and have stopped short of outright criticism of the war.

“In Bali, high level leaders decided on strong condemnati­on of the brutal attack by Russia and as finance ministers we must stick to it,” French Finance Minister Bruno Le Maire told reporters at a news conference.

He said he would walk out if the gathering failed to evince a strong stance against the war.

A senior Indian official, speaking on condition they not be named because the talks were confidenti­al, said as hosts India was determined to work toward a consensus and come out with a communique.

In welcoming the G20 policymake­rs, Modi urged them to focus on helping the world’s most vulnerable people.

As countries deal with slew of challenges in the aftermath of the pandemic, including unsustaina­ble debt, conflict, inflation and eroding trust in internatio­nal financial institutio­ns, “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,” he said.

The meetings in Bengaluru were due to touch on a wide range of issues including digital currencies and payments, reform of institutio­ns like the World Bank, climate change and financial inclusion.

Multiple meetings between various leaders were also taking place, including talks between India’s finance minister, Nirmala Sitharaman, and her counterpar­ts from France and Brazil.

The G20 meetings offer a chance for leaders to consider how to coordinate their policies: Many central banks including the U.S. Federal Reserve have been raising interest rates sharply to try to rein in decades-high inflation brought on by various factors including the war and rebounding demand for travel, goods and services following the COVID-19 pandemic.

With increases in income lagging behind, rising costs for food, housing, fuel and fertilizer impose huge burdens, especially on the poor and in developing nations, where debt burdens have surged both at the national and household levels.

‘ ‘ I urge the Russian officials here at the G20 to understand that their continued work for the Kremlin makes them complicit in Putin’s atrocities. They bear responsibi­lity for the lives and livelihood­s being taken in Ukraine and the harm caused globally.

JANET YELLEN U.S. TREASURY SECRETARY

 ?? MANJUNATHK­IRAN AFP VIA G ETTY IMAGES ??
MANJUNATHK­IRAN AFP VIA G ETTY IMAGES

Newspapers in English

Newspapers from Canada