Tensions on war in Ukraine at finance meeting, Russia attendance

Bangalore, India –

Tensions over Russia’s war in Ukraine flared up on Friday at a meeting of finance chiefs of major 20 economic groups where geopolitics influenced the atmosphere, if not the agenda of a meeting in India’s tech hub Bengaluru. rice field.

U.S. Treasury Secretary Janet Yellen condemned the “illegal and unjust war against Ukraine” at a meeting attended by Russian officials, urging G20 countries to take more action to support Ukraine and impede Russia’s war effort. Repeated calls to do many things.

“I urge Russian officials at the G20 to understand that by continuing to work for the Kremlin, they are complicit in President Putin’s atrocities,” Yellen said. “They are responsible for the lives and livelihoods being taken in Ukraine and the damage caused globally.”

As the meeting was held to mark the one-year anniversary of Russia’s invasion of Ukraine, host India was reluctant to divide opinion between Ukraine, Russia’s allies and other Moscow supporters such as China. However, it was inevitable that these problems would occur.

Indian Prime Minister Narendra Modi avoided mentioning Ukraine when opening talks on Friday.

Speaking on the sidelines of the G-20, President Yellen and UK Treasury Secretary Jeremy Hunt condemned the war and said they were working together to address the crisis.

A U.S. Treasury official said Hunt praised efforts to help Ukraine.

“I am happy that there is so much unity between democracies and that we cannot allow this to happen. We never think the job is done,” he said.

“We have no choice whether to focus on Ukraine or other important global issues like climate change. Ultimately, global security threats must be resolved. , there is no progress in these other areas,” Hunt said.

The wording of the communiqué, due to be released on Saturday when the talks will conclude, was apparently still being debated as other fora such as the G7 prepared to announce new sanctions against Russia.

At the last major G20 meeting in Bali, Indonesia, G20 leaders strongly condemned war and warned that conflict was exacerbating the fragility of the global economy. Given that this group includes not only Russia, but also countries like China and India, which have significant trade ties with Russia and have ceased their outright criticism of the war, they should be aware of the differences between them. Handled the split skillfully.

“In Bali, high-level leaders have decided to strongly condemn the brutal aggression by Russia, and as finance minister, I must stand by it,” French Finance Minister Bruno Le Maire said at a press conference. rice field. He said that if the rally did not prove a strong stance against the war, he would leave.

PM Modi welcomed G20 policymakers to focus on helping the world’s most vulnerable people.

“You represent the world’s financial and economic leaders at a time when the world is facing severe economic hardship,” Modi said in a video address.

As countries grapple with a host of challenges in the aftermath of the pandemic, including unsustainable debt, conflict, inflation and declining confidence in international financial institutions, they are expected to be “managers of key economic and market systems. It’s up to you… to boost stability, confidence and growth in the global economy.”

The Bangalore conference was to touch on a wide range of issues including digital currencies and payments, reform of institutions such as the World Bank, climate change and financial inclusion.

Multiple meetings between various leaders were also taking place, including meetings between Indian Finance Minister Nirmala Sitharaman and French and Brazilian finance ministers.

The G-20 meeting provides an opportunity for leaders to consider how policies might be adjusted. Many central banks, including the U.S. Federal Reserve, have sharply increased interest rates to curb decades of high inflation caused by a variety of factors, including wars and wars. Recovery in demand for travel, goods and services after the COVID-19 pandemic.

Slowing income growth has led to rising costs of food, housing, fuel and fertilizers, and soaring debt burdens at both the national and household levels, especially for the poor and developing countries.

As the host of this year’s G-20, India has an opportunity to demonstrate its rise as an economic powerhouse.

Modi suggested the rally could “draw hope from India’s vibrant economy”, which is projected to grow at a pace of more than 6% annually this year, making it the fastest in the world. He also pointed to the country’s digital payment technology as a model to be emulated.


Contributed by Elaine Kurtenbach, AP business writer from Bangkok and Krutika Pathi, AP reporter from New Delhi.

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