The meeting of finance chiefs and central bank governors of the Group of 20 leading economies concluded in India without reaching a consensus due to differences over the war in Ukraine. Instead of a final communique, India, as the host nation, was compelled to issue the G20 Chair’s summary and an outcome document.
According to India’s finance minister, Nirmala Sitharaman, the lack of consensus was due to the absence of a common language on the Russia-Ukraine war. The language used to describe the war was taken directly from last year’s G20 leaders summit declaration in Indonesia, and any changes to it would need to be decided by the leaders during the main summit in September.
China and Russia objected to paragraphs in the chair summary that referred to the war, stating that it was causing immense human suffering and exacerbating existing fragilities in the global economy. These objections also occurred during previous G20 meetings hosted by India in February and March.
Food security was a significant concern during the meeting, with members expressing condemnation of Russia’s decision to halt the flow of grain from Ukraine through the Black Sea. This move has led to higher food prices and increased poverty in parts of Africa, the Middle East, and Asia.
Throughout its presidency of the G20 this year, India has consistently called for consensus among all members, particularly on issues affecting poorer countries, such as debt distress, inflation, and climate change. However, the division over the Ukraine conflict has overshadowed many of the discussions, preventing the production of a communique after each major meeting.
India’s longstanding ties with Russia have also complicated matters, as the country has not joined efforts to sanction and economically pressure Russia in response to its invasion of Ukraine. Despite this, Western officials have continued to criticize Russia in international forums. US Treasury Secretary Janet Yellen, who attended the G20 talks, emphasized the importance of ending the war in Ukraine for both moral and economic reasons, and reiterated the US’s commitment to restricting Russia’s access to military equipment and technologies.
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