A two-day meeting of finance ministers and central bankers of the Group of 20 major economies is expected to conclude without a formal statement, as Russia’s war in Ukraine continues to divide the group, two sources familiar with the meeting said. subject.
Instead, Indonesian Finance Minister Sri Mulyani Indrawati, who is hosting this week’s meeting on the Indonesian island of Bali, is expected to issue a statement from the president summarizing the events of the meeting, they said. the sources.
Senior Western officials, including U.S. Treasury Secretary Janet Yellen and Canadian Finance Minister Chrystia Freeland, condemned the war on Friday and criticized Russian officials for the major economic repercussions caused by the war.
“We are not waiting for a statement,” a source said.
The Russian invasion of Ukraine on February 24, which the Kremlin calls a “special military operation,” has overshadowed the last G20 meetings, including last week’s meeting of foreign ministers.
Sri Mulyani had hoped that delegates could overcome their differences over the war to jointly address rising commodity prices, the escalation of the food security crisis and the contagion effects on the capacity of the Netherlands. income to pay off debt.
But this proved too difficult in the current climate, with Western countries imposing strict sanctions on Russia and accusing it of war crimes in Ukraine, which Moscow denies. Other G20 nations, such as China, India and South Africa, have been more muted in their response.
Western sources had warned earlier in the week that it would be difficult to agree in a statement because the agency is working on the basis of consensus and Russia had blocked language on the cause of the economic recession that has driven the World Bank and the International Monetary Fund lowers its forecasts.
“The G20’s ability to act and communicate is severely hampered by the war in Ukraine for which one of the G20 members is fully responsible,” a source in the French finance ministry said.