Russia and China have requested that the communiqué drafted at the G20 finance ministers’ meeting be tinkered with, downplaying claims that current geopolitical tensions related to the Ukraine crisis overshadow the global economic picture.
G20 finance ministers and central bank presidents hold mixed physical and video talks in Jakarta, Indonesia. The communiqué is scheduled for release after the talks.
An early draft of the communiqué seen by Reuters did not directly mention the border crisis between Ukraine and Russia, saying that the G20 would monitor risks, “including from geopolitical tensions that are arising.”
Sources familiar with the meeting told Reuters under the condition of anonymity that China and Russia had objected to a previous draft communique’s mention of “current tensions,” as well as differences on debt restructuring for impoverished countries and carbon pricing.
The latest draft communiqué reads, “We will also continue to monitor major global risks, including from geopolitical tensions that are arising, and macroeconomic and financial vulnerabilities.”
This language contrasts with the warning issued by the Group of Seven major industrialized nations (G7) on Feb. 14, which said Russia would face “serious” economic consequences if it invaded Ukraine. Both Russia and China are members of the G20 but not the G7.