Many G20 countries condemned the Russian invasion of Ukraine, at the conclusion of a meeting held on Friday and Saturday in Bali, according to a statement issued by the Indonesian presidency on Sunday.
The meeting of senior financial sector officials in the Group of Twenty countries ended without adopting a joint statement, due to differences between countries over the Russian attack on Ukraine.
Instead of a final statement, Indonesia, which is trying to reconcile its neutrality in the conflict on the one hand, and its hosting of this year’s G-20 summit on the other, issued a statement in its own name, mentioning these contradictions.
“Many members agreed that the recovery of the global economy has slowed and is facing a major setback due to Russia’s war once morest Ukraine, which has been strongly condemned,” the statement said. The statement added that these members “have called for an end” to this war.
“One member expressed the view that the sanctions exacerbate existing difficulties,” the statement said, apparently referring to Russia.
The statement also spoke of the lack of consensus on the global food crisis exacerbated by the invasion of Ukraine, adding, “The majority of members agreed that there is an alarming increase in food and energy insecurity. A large number of members declared their readiness to act quickly.”
The next G20 financial meeting is scheduled for October in Washington.
During the two-day meeting on the island of Bali, participants sought solutions to the international food and energy crises and accelerating inflation.
But the meetings witnessed a new confrontation between Westerners who hold the Russian invasion of Ukraine responsible for the global economic crisis, and the Russians who hold the West responsible for the deterioration of the global economy through the sanctions it imposed on Moscow.
On Friday, US Treasury Secretary Janet Yellen denounced the Russian war on Ukraine, which “shocked the global economy”, while Western ministers accused Russian economic officials of complicity in the atrocities committed in Ukraine.
The ongoing war in Ukraine overshadowed discussions, especially regarding its repercussions on markets, and was exacerbated by the food and energy crises.
Indonesia follows a non-aligned foreign policy, and has not succumbed to pressure from Western countries, which demanded that it exclude Russia from the meeting.
The Russian Finance Minister, Anton Siluanov, participated in the meeting via video technology, while two Russian officials attended.
In order to address the growing threats to food security in the world, the IMF, the Bank, the World Food Programme, the Food and Agriculture Organization and the World Trade Organization called in a joint statement for urgent action in a number of key areas.