Financial officials from the world’s major economies could not reconcile disputes on Saturday over the crisis in Ukraine. Nevertheless, according to sources, they inched forward debt restructures for distressed nations.
Three participants told the Group of 20 (G20) finance ministers and central bank heads conference, hosted by India, would likely finish later in the day without a unified declaration because there was no consensus on defining the Ukrainian war.
The U.S. and its G7 industrial partners have insisted that the communiqué denounce Russia for invading its neighbor a year ago, but the Russian and Chinese delegations have objected.
Two delegates indicated Russia and China were irritated by G20 political discussions.
Reuters reported that U.S. Treasury Secretary Janet Yellen said the communiqué must censure Moscow.
“And I believe the G7 is clearly unified on that,” she remarked.
Russia calls its operations in Ukraine a “special military operation” rather than an invasion or war.
G20 sources told Reuters that India wants to avoid referencing “war” in communiqué.
This year, India, which has the G20 presidency, has sought a diplomatic solution, increased its oil imports from Russia, and avoided blaming Moscow for the invasion.
India and China abstained Thursday when the U.N. overwhelmingly voted to urge Russia to withdraw its soldiers from Ukraine and halt the fighting.
The G20 comprises Australia, Brazil, Saudi Arabia, and the G7.
One diplomat suggested India release a chair statement if there was no unanimity.
India’s foreign, finance, and information ministries didn’t reply to calls for comment.
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