G20 finance ministers failed on Saturday to reach an agreement on the Ukraine war and its destabilizing impact on the world economy, although the majority condemned the Russian invasion at the end of a session of the group in India, which coincides with the first anniversary of the conflict.
In terms similar to those agreed in Bali (Indonesia) last year, the majority of members “firmly condemned the war in Ukraine” and criticized its impact on the world economy, according to the summary of the meetings of Finance heads and governors of G20 central banks in Bangalore, South India.
Since last Friday, in India’s first high-level meeting since assuming the G20 presidency, the group’s finance chiefs have met in Bangalore to try to find a joint position on the invasion of Ukraine and control Of the debt.
Except for Beijing and Moscow, two of only four countries whose finance ministers or central bank governors did not attend the session in person, the rest of the group blamed the conflict for rising inflation, disruption of supply chains and the growth of food and energy insecurity.
The summary, joint but not fully subscribed by all the members, comes between the tension seen between yesterday and today within the group.
The Vice President of the Government of Spain, Nadia Calviño, affirmed during the negotiations that the talks between the heads of Finance were being “less constructive”.
French Finance Minister Bruno Le Maire yesterday demanded a firm condemnation of Russia’s invasion of Ukraine before warning that otherwise Paris would oppose any joint statement that would dilute the rejection expressed by the group in Bali.
G20 host India’s position on the conflict had been seen as one of the biggest impediments to the unanimous adoption of a declaration.
Avoiding the word “war” or mentioning Russia, Indian Prime Minister Narendra Modi said today that “since the beginning of the developments in Ukraine, India has insisted on resolving this dispute through dialogue and diplomacy.”
The Group of Seven also took advantage of the Bangalore meeting to reaffirm its support for Ukraine, with financial aid of 39,000 million dollars by 2023, and to increase pressure on the G20 to take a clearer position on the global situation.