Russia-Ukraine war casts shadow over G20 finance chiefs meeting in Indonesia

Russia-Ukraine war casts shadow over G20 finance chiefs meeting in Indonesia

Russia’s participation at the meetings has been a fault line on which host country Indonesia has had to tread delicately, while trying to organise talks about digital banking and inclusion, climate risk mitigation and common tax standards.

During a sideline conference on Thursday, the US Treasury’s acting undersecretary for international affairs, Andy Baukol, dodged a question on whether President Joe Biden would attend the G20 leaders summit in November.

“I certainly hope so,” Mr Baukol said. “Obviously, there’s broader context to the G20 this year, which is difficult, but my minister is here today, Secretary [Janet] Yellen. She’ll fully participate tomorrow and the next day.”

Russia’s presence in the G20 has hindered co-operation more broadly, including at a meeting of foreign ministers last week. The US strategy has been to forge side agreements with like-minded countries on issues such as food and energy rather than a focus on achieving consensus with nations such as China and Russia.

Official meetings of the finance officials are set to be held on Friday and Saturday, and side events were under way on Thursday, also featuring speakers from across the G20 grouping and observer economies.

Bloomberg

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