Freeland, UK and US financial officials leave G20 summit as Russian delegates speak

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Russian Deputy Finance Minister Timur Maximov attended the meeting in person, while Russian Finance Minister Anton Siluanov and the governor of Russia’s central bank joined virtually

Author of the article:

Reuters

Andrea Shalal and David Millikon and David Lauder

Publication date:

April 20, 2022 • 11 hours ago • 3 minutes reading • 161 comments Canadian Treasury Secretary Christia Freeland poses with other finance ministers after a G20 meeting in Washington, DC, on April 20, 2022. Photo: Handout / Government of Canada / AFP via Getty Images

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WASHINGTON / LONDON – Senior finance officials from Britain, the United States and Canada left the G20 on Wednesday while Russian officials spoke, UK Finance Minister Rishi Sunak said, revealing growing divisions over Russia’s continued presence in the body.

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The Ukrainian officials present also left the meeting of senior financial officials from the world’s 20 largest economies, according to a source familiar with the meeting.

“Earlier, my representatives, along with colleagues from the United States and Canada, left today’s G20 meeting in Washington while the Russian delegates spoke,” Sunak said on Twitter. “We are united in our condemnation of Russia’s war against Ukraine and will push for stronger international coordination to punish Russia.

Russia’s Deputy Finance Minister Timur Maximov attended the meeting in person, while Russian Finance Minister Anton Siluanov and the governor of Russia’s central bank joined virtually, a second source said.

Russia’s finance ministry did not mention leaving in a statement issued after the meeting. It quoted Siluanov as calling on the G20 not to politicize dialogue between members and stressing that the group has always focused on the economy.

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He also complained about the harmful effects of Western sanctions, the statement said.

“Another aspect of the current crisis is undermining confidence in the existing international monetary and financial system,” it said. “The security of international reserves and the possibility of free trade and financial transactions are no longer guaranteed.

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German Finance Minister Christian Lindner said Russia was to blame for slowing global growth, high inflation and supply chain problems. “Russia must be isolated,” he told reporters.

US Treasury Secretary Janet Yellen told those present that she strongly disapproved of the presence of a senior Russian official at the meeting, two sources told Reuters.

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One source added that Yellen had told participants that there could be no “ordinary business” for Russia in the global economy, echoing a message to Indonesian Finance Minister Sri Mulyani Indrawati, whose government heads the G20 this year. Indravati is due to hold a press conference on Wednesday.

Yellen joined her departure from Bank of England Governor Andrew Bailey and Canadian Finance Minister Christia Freeland, among others.

Meanwhile, European Central Bank President Christine Lagarde called on Maximov to send a clear message to Moscow – to end the war in Ukraine, one source said.

G20 finance ministers and central bank governors met on the sidelines of a semi-annual conference hosted by the International Monetary Fund (IMF) and the World Bank in Washington, D.C., focusing on the war in Ukraine, food security and the continued recovery from the coronavirus pandemic. .

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Yellen plans to boycott two sessions of the G20 on the international financial architecture and sustainable finance, one source said, although Finance Ministry officials said she would join the discussion on the impact of the war in Ukraine on the world economy.

Financial leaders from a number of European countries planned to follow suit in protest of Russia’s invasion.

Freeland, who is of Ukrainian descent and is making passionate requests on behalf of the country, plans to “boycott any session the Russians try to speak at,” a Canadian government official said.

Freeland, who is also Canada’s deputy prime minister, said she left the G20 plenary meeting to protest Russia’s involvement.

“This week’s meetings in Washington are in support of the world economy – and Russia’s illegal invasion of Ukraine is a serious threat to the world economy,” she said on Twitter, adding that Russia should not participate.

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IMF Managing Director Kristalina Georgieva on Wednesday acknowledged that this was a “difficult time” for the G20, a forum that played a key role in co-ordinating the fight against COVID-19 and in response to the 2008-2009 financial crisis.

But she urged co-operation through the forum to continue.

“Obviously there are many, many disturbing facts that we have to deal with,” said Georgieva, a Bulgarian. “But we also recognize how interdependent we are… And it is so obvious that cooperation must and will continue.”

Georgieva and Yellen warned of fragmenting the global economy into geopolitical blocs, with the United States and market democracies on the one hand and China, Russia and other state-run economies on the other.

Separately, the United States has announced new sanctions against a Russian commercial bank, an oligarch and dozens of individuals, according to the US Treasury Department’s website.

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