Two days of talks between economic and finance policymakers from the Group of 20 nations concluded without a joint statement due to disagreements over the war in Ukraine. The host nation, India, aimed to achieve consensus on various reforms and global issues but was unable to draft a final communique acceptable to all members.

Background

India, currently holding the G20 presidency, sought to address reforms for multilateral banks, establish a global guiding principle on cryptocurrencies, and accelerate debt resolution for vulnerable countries. However, the Russia-Ukraine conflict overshadowed these discussions.

Disagreements

Western countries, including the US, UK, Germany, and France, advocated for a firm condemnation of Russia and the war in Ukraine. On the other hand, Russia and China opposed such a move. India, as the host nation, faced challenges in reaching a consensus as some countries insisted on calling the conflict a war, while Russia referred to it as a “special military operation.”

India’s Stance

India maintained a neutral stance, refraining from blaming Russia for the invasion and emphasizing the need for a diplomatic solution. Additionally, India increased its purchases of discounted oil from Russia.

Role of G20

Indian officials clarified that brokering peace between Russia and Ukraine was beyond the G20’s remit. They suggested that such efforts should be undertaken by the United Nations and through bilateral negotiations.

US Position

US Treasury Secretary Janet Yellen expressed unequivocal support for Ukraine and stated that combating Russia’s efforts to evade sanctions was one of their core goals this year.

Meeting Outcome

The G20’s third finance track meeting, held in Gujarat, marked India’s presidency. However, India has not been able to forge a joint statement in any of the key tracks since assuming the G20 presidency in December.

Conclusion

Although the acrimony among G20 members was reportedly lower than in previous meetings, differences regarding the Russia-Ukraine conflict prevented the formulation of a joint statement. India’s efforts to address other global issues and reforms were affected by these divisions.