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G20 argues over Ukraine war, West hardens sanction regime

Finance leaders of the world’s top economies seem to show huge differences over how to deal with Russia after its invasion of Ukraine. Meanwhile, the West is hardening the sanction regime against Moscow.

During the G20 meeting in Bengaluru, India, U.S. Treasury Secretary Janet Yellen said Russian officials are being “complicit” in war atrocities.

Chancellor @Jeremy_Hunt and I discussed the importance of the longstanding U.S.-UK relationship, collective efforts to build global economic resilience, and ongoing work to respond to Russia’s unprovoked war – including through economic support for Ukraine and targeted sanctions.

— Secretary Janet Yellen (@SecYellen) February 24, 2023
“I would urge that your discussions should focus on the most vulnerable citizens of the world,” Prime Minister Narendra Modi said.

Indian PM Modi urges G20 to focus on unsustainable debt

— Reuters (@Reuters) February 24, 2023
India wants to avoid discussion on Russian aggression, G20 officials told Reuters.

France’s Finance Minister Bruno Le Maire said there the group should repeat the statement agreed upon at a G20 summit in Bali, Indonesia, last November, which said that “most members strongly condemned the war in Ukraine”.

This #G20India is taking place one year after the invasion of Ukraine by Russia. France wants this G20 meeting to strongly condemn the brutal attack of Russia against Ukraine.

We are ready, for the people of Ukraine, to provide a new IMF program of around 15 billion dollars.

— Bruno Le Maire (@BrunoLeMaire) February 24, 2023
“Either we have the same language or we do not sign on the final communique,” Minister Le Maire said.

Yellen urged G20 economies to strengthen efforts to support Ukraine and strike Russia’s ability to wage war.

“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 told the press.

As I made clear at the G20 today, the unprovoked, brutal war that Russia launched a year ago has inflicted immense suffering on the Ukrainian people and has caused harm throughout the world. Ending it is the single best thing we could do for the global economy.

— Secretary Janet Yellen (@SecYellen) February 24, 2023
Russian Finance Minister Anton Siluanov and central bank governor Elvira Nabiullina declined to attend the forum.

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