A two-day meeting of G20 finance ministers in Indonesia is expected to end on Saturday without a joint communiqué, two officials said, after Russia’s war in Ukraine overshadowed proceedings.
During talks on the Indonesian holiday island of Bali, financial leaders from Western nations accused Russian technocrats of complicity in the invasion.
US Treasury Secretary Janet Yellen and Australian Treasurer Jim Chalmers on Friday blamed the invasion for sending a shockwave through the global economy.
Instead of a formal communique, a statement will be made by Indonesia, which holds the G20 presidency, said an official, who spoke on condition of anonymity.
Another source at the meeting said the host would summarize the talks in a statement that would not fall under the G20 banner.
Indonesian officials did not respond to a request for comment.
At the start of the second day of talks, Governor of the Central Bank of Indonesia Perry Warjiyo urged ministers and global financial leaders to focus on recovering a global economy still reeling from the Covid-19 pandemic.
“It is important that we remain focused on what we aim to achieve this year as it will also send a positive message to the global community about the G20’s role and efforts in supporting the global recovery,” Warjiyo said.
But the talks have been overshadowed by the Ukraine war – which Russia calls a “special military operation” – after it has roiled global markets, caused soaring food prices and contributed to breakneck inflation.
It has failed the forum to agree on a text where Russia disagrees with Western nations because its invasion of Ukraine is at the root of global economic headwinds.
The Kremlin instead blames later Western sanctions for blocked food supplies and rising energy prices.
“Russia tried to say that the world economic situation had nothing to do with the war,” a source in the French delegation told AFP on Friday.
Russian Finance Minister Anton Siluanov and Ukraine Finance Minister Serhiy Marchenko attended the meeting virtually.
Russian Deputy Finance Minister Timur Maksimov personally attended the talks.
According to a source present at the talks, he was in the room when Western officials expressed their condemnation.
Marchenko said the Russian invasion “clearly marks the end of the existing world order” and called for “tougher targeted sanctions” against Moscow.
Members will also discuss sustainable finance, cryptocurrencies and international taxation on Saturday.
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