The meeting of the Group of 20 finance leaders was completely overshadowed by Russia’s war in Ukraine, Reuters reports.
Finance leaders from the major economies met up in Bali, Indonesia amid rising economic pressures from soaring inflation.
Host country Indonesia said the countries must make progress tackling the global economic threats sparked by Russia’s war, or the humanitarian consequences would be catastrophic.
Western ministers blasted Russian officials, who were a part of the talks.
U.S. Treasury Secretary Janet Yellen said Russia’s “brutal and unjust war” was solely responsible for the world’s economic crisis.
Indonesia tried to find common ground for the G20, and to keep the focus on global economic issues.
But Russia’s invasion of Ukraine overshadowed recent G20 meetings, including this week’s finance leaders’ meeting, and last week’s meeting of foreign ministers.
Indonesian Finance Minister Sri Mulyani Indrawati said the world had high hopes that the G20 could find a solution to the economic threats of the war, including rising commodity prices and the effects it has on the ability of low-income countries to repay debt.
The G20 is made up of the top economies. It includes Western countries that have imposed sanctions on Russia and accuse it of war crimes in Ukraine, as well as nations such as China, India and South Africa.
Sri Mulyani said the cost of failure for the world to work together is more than can be afforded.
“The humanitarian consequences for the world, and especially for many low-income countries would be catastrophic,” she said.
Sri Mulyani called for G20 members to talk less about politics and to focus on building bridges between each other.
Yellen aimed at Russia, saying the Russian finance officials at the meeting shared responsibility for the “horrific consequences” of their country’s war.
“By starting this war, Russia is solely responsible for negative spillovers to the global economy, particularly higher commodity prices,” Yellen said.
Russia Deputy Finance Minister Timor Maksimov was in person at the meetings, and Russian Finance Minister Anton Siluanov participated virtually.
Western countries repeatedly said there cannot be any “business as usual” at the G20 because Russia was present.
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