G20 finance officials walk out in protest of Russia
April 20, 2022
As G20 finance leaders meet in Washington, Russia's presence has drawn controversy. Officials from several countries walked out as a Russian official spoke.
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Senior finance officials walked out of a G20 meeting in Washington, DC, on Wednesday in protest of Russia's invasion of Ukraine.
US Treasury Secretary Janet Yellen led a multination boycott as Russian officials spoke. She was joined by Ukrainian, British, French and Canadian delegates.
As many attendees attended virtually, they turned their cameras off instead.
Finance ministers and central bank governors from the world's richest nations were meeting to discuss global challenges, such as rising debt and a looming food crisis. However, discussions have been dominated by Moscow's war of aggression.
The meeting came on the sidelines of a semiannual conference held by the International Monetary Fund (IMF) and the World Bank.
Canadian Deputy Prime Minister Chrystia Freeland shared a photo of attendees who walked out, saying: "The world's democracies will not stand idly by in the face of continued Russian aggression and war crimes."
A UK spokesperson told the Reuters news agency: "We will continue working with our allies to condemn Russia's war against Ukraine in the strongest terms, and push for stronger international coordination to punish Russia."
Ahead of the walkout, Yellen reportedly told attendees that she disapproved of the presence of Russia's deputy finance minister, Timur Maksimov, who attended in person. Russian Finance Minister Anton Siluanov and Russia's central bank governor joined virtually
How Putin's war is affecting the world economy
The effects of Russia's war of aggression against Ukraine are being felt around the globe. Food and fuel prices are rising everywhere, and some countries have already seen rioting.
Image: Dong Jianghui/dpa/XinHua/picture alliance
Shopping is increasingly expensive
German consumers are feeling the pinch of the rising cost of living. The consequences of the war in Ukraine and the sanctions against Russia have not gone unnoticed. In March, Germany's inflation rate hit its highest level since 1981. The German government is keen to press ahead quickly with an embargo on Russian coal, but it is still wrangling over whether to ban imports of Russian gas and oil.
Image: Moritz Frankenberg/dpa/picture alliance
Rush to fill up in Kenya
Cars wait in line at gas stations in Nairobi. Here, too, people are noticing the effects of the war in Ukraine. Fuel is expensive, and in short supply - not to mention the food crisis. At the UN Security Council, Kenya's UN ambassador Martin Kimani expressed concern, comparing the situation in eastern Ukraine to the changes that took place in Africa after the end of the colonial era.
Image: SIMON MAINA/AFP via Getty Images
Who will secure supplies to Turkey?
Russia is the world's largest producer of wheat. Because of the ban on Russian exports, the price of bread is now rising in many places – including here, in Turkey. International sanctions are disrupting supply chains. Ukraine, too, is one of the five biggest exporters of wheat in the world, but the war with Russia means it can't ship supplies from its ports on the Black Sea.
Image: Burak Kara/Getty Images
Wheat prices are soaring in Iraq
A worker piles up sacks of flour at the Jamila market, a popular wholesale market in Baghdad. Wheat prices have skyrocketed in Iraq since Russia invaded Ukraine, as the two countries account for at least 30% of the world's wheat trade. Iraq has remained neutral so far, but pro-Putin posters have now been banned in the country.
Image: Ameer Al Mohammedaw/dpa/picture alliance
Protests in Lima
Demonstrators have clashed with police in the Peruvian capital Lima. They are protesting against the rise in food prices, among other things. The crisis has been exacerbated by the war in Ukraine. Peruvian President Pedro Castillo temporarily imposed a curfew and a state of emergency, but when these were lifted, the protests resumed.
Image: ERNESTO BENAVIDES/AFP via Getty Images
State of emergency in Sri Lanka
In Sri Lanka, too, people have taken to the streets to express their anger. A few days ago, some even tried to storm the private residence of President Gotabaya Rajapaksa. Mounting protests against the rising cost of living, fuel shortages, and power cuts prompted the president to declare a national state of emergency, and to ask India and China for help procuring the resources his country needs.
There have been protests against rising food and energy prices in Scotland, too. All over the UK, trade unions have been organizing demonstrations to protest the rising cost of living. Brexit had already resulted in price increases in many areas of life, and the war in Ukraine will only make things worse.
Image: Jeff J Mitchell/Getty Images
How much is the fish?
The British have reason to worry about their beloved national dish. Around 380 million portions of fish and chips are eaten in the UK every year. But the tough sanctions now mean that prices for white fish from Russia, cooking oil, and energy are all rising. In February 2022, the UK inflation rate was 6.2% year-on-year.
Image: ADRIAN DENNIS/AFP via Getty Images
Economic opportunity for Nigeria?
A trader in Ibafo, Nigeria, packages flour for resale. Nigeria has long wanted to reduce its reliance on imported food, and to make its economy more resilient in other areas as well. Could the war in Ukraine provide opportunities for Nigeria? Aliko Dangot, Nigeria's richest man, recently opened the country's largest fertilizer plant, and is hoping he will have plenty of buyers.
Image: PIUS UTOMI EKPEI/AFP via Getty Images
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French Finance Minister Bruno Le Maire also called on Russian delegates not to attend sessions, saying "war is not compatible with international cooperation."
Ahead of the meeting, German Finance Minister Christian Lindner said Germany would try to find common ground, but added, "We will not provide a stage for Russia to spread propaganda and lies."
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Russia decries politicized dialogue
After the incident, Russian Finance Minister Anton Siluanov urged the G20 not to politicize dialogue between member states, saying they risked undermining confidence in the global monetary and financial system.
As Western nations pile pressure on Russia through sanctions, US President Joe Biden has called for the country to be expelled from the G20. However, Moscow still enjoys varying levels of support from China and India.
The G20 is chaired by Indonesia this year, and includes major economies such as the US, China, India, Brazil, Japan and several European countries, including Russia.
IMF Managing Director Kristalina Georgieva said that, despite the tension, global cooperation "must and will continue," citing a long list of issues that "no country can solve on its own."
The global economy, in a COVID-induced downturn, has been hit by the Russian invasion and associated sanctions, driving up prices for food and fuel higher and lowering the global growth outlook.