Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

G20 finance leaders in Bali to tackle Ukraine, inflation

G20 finance leaders in Bali to tackle Ukraine, inflation

Top financial officials from the Group of 20 leading rich and developing nations met on the Indonesian island of Bali on Friday seeking strategies to counter the economic fallout from the war in Ukraine, inflation and other global crises.
Indonesian Finance Minister Sri Mulyani Indrawati opened the two-day meeting by urging fellow finance ministers, central bank chiefs and other leaders to find ways to “build bridges, not walls.” She said the consequences of failure, especially for less wealthy nations, would be “catastrophic.”

“Millions and millions if not billions of people are depending on us,” Indrawati said.

The meetings in Bali’s Nusa Dua resort town follow a gathering there of foreign ministers earlier this month that failed to find common ground over Russia’s war in Ukraine and its global impacts.

A G-20 finance meeting in Washington, D.C. in April saw officials from the U.S., Britain, France, Canada and Ukraine walk out to protest the attendance of Russian envoys. That meeting ended without the release of a joint statement.

Still, the G-20 financial meetings have the advantage of being less political in nature, Indrawati said.

Indonesia, as host, has tried to act as an “honest broker,” she said, uniting a divided East and West within the G-20, a schism that has sharpened since Russia invaded Ukraine in late February.

There’s no “playbook” for how to find agreement given the unprecedented tensions over the war, Indrawati said.

The financial leaders are searching for ways to coordinate how they shepherd their economies through inflation that is running at 40-year highs, unsnarling supply chains and bottlenecks due to the coronavirus pandemic and fortifying financial systems against future risks.

The G-20 managed to bridge differences in coping with the 2008 global financial crisis and the pandemic, said Indrawati.

“The actions we take will have a very important effect for the world,” she said.

One key goal of U.S. Treasury Secretary Janet Yellen and some other Western financial officials is gaining agreement on setting a price cap on Russian oil that might help bring energy costs under control and alleviate the decades-high inflation seen in many countries while also limiting Moscow’s access to revenues to fund its war effort.

“A price cap on Russian oil is one of our most powerful tools to address the pain Americans and families across the world are feeling at the gas pump and the grocery store right now, a limit on the price of Russian oil,” Yellen said at news briefing Thursday in Bali that was shown online.

Yellen said no price had yet been determined for such a cap, but the level would have to be one “that clearly gives Russia an incentive to continue to produce, that would make production profitable for Russia.”

She said she was “hopeful” that countries such as China and India that recently boosted imports of Russian crude oil, sold at steep discounts, would see it as being in their own self-interest to observe the price cap.

Without a price cap, a European Union and probably a U.S. ban on providing insurance and other financial services would take effect. “So, we’re proposing an exception that would allow Russia to export as long as the price doesn’t exceed a yet-to-be-determined level,” Yellen said.

Yellen did not say if she would walk out of the closed door meeting Friday during a speech by Russia’s representative to the talks. But she said it could not be “business as usual with respect to Russia’s participation at these meetings.”

At last week’s meeting, U.S. Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov were present in the same room at the same time for the first time since the Ukraine war began but they pointedly ignored each other.

Lavrov walked out of the proceedings at least twice: once when his German counterpart Annalena Baerbock spoke at the opening session and again just before Ukrainian Foreign Minister Dmytro Kuleba was to speak by video at the second session, according to a Western diplomat present.

Caught in the middle as host, Indonesia has urged officials from all sides to overcome mistrust for the sake of a planet confronting multiple challenges from the coronavirus to climate change to Ukraine.

Indonesia is among the developing countries contending with shortages and rising prices of fuel and grain due to the war and it says the G-20 has a responsibility to step up and ensure the rules-based global order remains relevant.
AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Putin Celebrates ‘Unprecedentedly High’ Ties with China as Gazprom Seals Power of Siberia-2 Deal
China Unveils New Weapons in Grand Military Parade as Xi Hosts Putin and Kim
Rapper Cardi B Cleared of Liability in Los Angeles Civil Assault Trial
Google Avoids Break-Up in U.S. Antitrust Case as Stocks Rise
Couple celebrates 80th wedding anniversary at assisted living facility in Lancaster
Information Warfare in the Age of AI: How Language Models Become Targets and Tools
The White House on LinkedIn Has Changed Their Profile Picture to Donald Trump
"Insulted the Prophet Muhammad": Woman Burned Alive by Angry Mob in Niger State, Nigeria
Trump Responds to Death Rumors – Announces 'Missile City'
Druzhba Pipeline Incident Sparks Geopolitical Tensions
Cost of Opposition Leader Péter Magyar's Economic Plan Revealed
Germany in Turmoil: Ukrainian Teenage Girl Pushed to Death by Illegal Iraqi Migrant
United Krack down on human rights: Graham Linehan Arrested at Heathrow Over Three X Posts, Hospitalised, Released on Bail with Posting Ban
Asian and Middle Eastern Investors Avoid US Markets
Ray Dalio Warns of US Shift to Autocracy
Eurozone Inflation Rises to 2.1% in August
Russia and China Sign New Gas Pipeline Deal
Von der Leyen's Plane Hit by Suspected Russian GPS Interference in an Incident Believed to Be Caused by Russia or by Pro-Peace or by Anti-Corruption European Activists
China's Robotics Industry Fuels Export Surge
Suntory Chairman Resigns After Police Probe
Gold Price Hits New All-Time Record
UK Fintechs Explore Buying US Banks
Greece Suspends 5% of Schools as Birth Rate Drops
Apollo to Launch $5 Billion Sports Investment Vehicle
Bolsonaro Trial Nears Close Amid US-Brazil Tension
European Banks Push for Lower Cross-Border Barriers
Poland's Offshore Wind Sector Attracts Investors
Budapest Central European Fashion Week Kicks Off
U.S. Celebrates Labor Day
Hungarian National Team Captain Scores Epic Goal
EU is getting aggressive: Four AfD Candidates Die Unexpectedly Ahead of North Rhine-Westphalia Local Elections
Japanese Customer Sways from VW to BYD after “Unbelievable” Test Drive amid Dealership Expansion
Nestlé Removes CEO Laurent Freixe Following Undisclosed Relationship with Subordinate
Pickles are the latest craze among Generation Z in the United States.
Giuliani Seriously Injured in Accident – Trump to Award Him the Presidential Medal of Freedom
Deadline Day Delivers Record £125m Isak Move and Donnarumma to City
Nvidia Reveals: Two Mystery Customers Account for About 40% of Revenue
Woody Allen: "I Would Be Happy to Direct Trump Again in a Film"
Lula and Putin Hold Strategic BRICS Discussions Ahead of Trump–Putin Summit
White House Eyes Budapest for Peace Talks
Cave Diving Beneath the Streets of Budapest
Another American Restaurant Chain Opens in Budapest
Hungarian Opposition Politician Supports Ukrainian Commander
Opposition Leader Threatens Media Outlets
American Airlines Adds New Flights to Budapest
F1 Hungarian Grand Prix Wraps Up
WhatsApp is rolling out a feature that looks a lot like Telegram.
U.S. Trade Representative says Washington still negotiating trade deals after court rules tariffs illegal
Von der Leyen says Europe drawing up 'precise' plans to send troops to Ukraine
Kremlin accuses Europe of hindering Trump’s peace efforts in Ukraine
×