G20 finance talks end without joint statement: officials

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Bali (Indonesia) (AFP) – A two-day meeting of G20 finance ministers in Indonesia is set to end on Saturday without a joint statement, two officials said, after Russia’s war in Ukraine overshadowed the proceedings.

In talks on the Indonesian resort island of Bali, Western finance chiefs 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 shock waves through the global economy.

Instead of an official statement, there will be a statement from Indonesia, which holds the G20 presidency, said an official who spoke on condition of anonymity.

Another source present 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, Indonesian central bank governor Perry Warjiyo called on ministers and world finance leaders to focus on recovery in a global economy still reeling from the Covid-19 pandemic. 19.

“It is important that we stay focused on what we set out 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 global recovery,” Warjiyo said.

But the talks took place in the shadow of the war in Ukraine – which Russia calls a “special military operation” – after it rattled global markets, caused food prices to rise and added to inflation. vertiginous.

It left the forum unable to agree on text with Russia at odds with Western nations over its invasion of Ukraine being the cause of global economic headwinds.

The Kremlin instead blames subsequent Western sanctions for blocking food shipments and rising energy prices.

“Russia tried to say that the world economic situation had nothing to do with the war,” a source from the French delegation told AFP on Friday.

Russian Finance Minister Anton Siluanov and Ukrainian Finance Minister Serhiy Marchenko participated virtually in the meeting.

Russian Deputy Finance Minister Timur Maksimov attended the talks in person.

He was in the room when Western officials expressed their condemnation, according to a source present at the talks.

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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