G-20 News

G-20 backs off from issuing statement due to split over Russia

The finance chiefs of the Group of 20 economies decided not to issue a joint statement after their April 20 meeting amid disputes over Russia’s participation in the event following its invasion of Ukraine, said Monday from sources familiar with the matter.

G-20 finance ministers and central bank governors are instead considering Indonesia, the group’s rotating chair this year, releasing the results of discussions at the meeting in Washington, the sources said.

Indonesian President Joko Widodo delivers a video speech during a Group of 20 finance chiefs meeting on February 17, 2022. (Photo courtesy of National Committee for Indonesia’s G20 Presidency) (Kyodo)

In response to Moscow’s aggression, US President Joe Biden said he believed Russia should be removed from the G-20. Some other members also raised concerns about the country’s participation in the framework.

On the other hand, Brazil, India, China and South Africa, which together with Russia form the BRICS forum, have respected Moscow’s presence at the G-20. Brazilian Foreign Minister Carlos Franca said his country clearly opposes Russia’s exclusion from the group.

From Japan, Finance Minister Shunichi Suzuki and Bank of Japan Governor Haruhiko Kuroda are expected to attend the meeting.

The finance chiefs’ meeting comes ahead of a G-20 summit scheduled for November in Indonesia. Russia has said President Vladimir Putin intends to attend the leaders’ talks, prompting calls for the country to withdraw from the group.

Russia was once a member of the Group of Eight. But it was removed from the frame following international outcry over its annexation of Crimea in 2014.

Indonesia is expected not to prevent Russia from attending G-20 meetings, and the country may attend virtually. But members opposed to Russia’s participation may decide to forgo the rally.

Regarding the global spike in energy and food prices exacerbated by the ongoing invasion of Ukraine, a statement is expected to be issued at an International Monetary Fund-related meeting to be held after the G-20 meeting.

The G-20 includes Argentina, Australia, Brazil, Great Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United States and Europe. Union.

The G-20 was formed in 1999 to discuss policies aimed at achieving international financial stability after the Asian currency crisis that began with the collapse of the Thai baht.

After a global financial crisis triggered by the bankruptcy of US securities firm Lehman Brothers Holdings Inc. in 2008, leaders of G-20 member countries began holding summits.

On February 18, about a week before Russia launched its attack on Ukraine, G-20 financial leaders said they “will continue to monitor key global risks, including emerging geopolitical tensions and vulnerabilities macroeconomic and financial”, without directly evoking the Ukrainian crisis.

For the G-20 summit scheduled for November, Japanese Prime Minister Fumio Kishida said last week that the country “would respond appropriately based on discussions with other G-20 members and reviews of situations following”.

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