G20 finance ministers and central bank governors met for the first time on Thursday, with Indonesia’s president warning that the Ukraine conflict could jeopardize the post-pandemic recovery.
The negotiations are being held in a hybrid format in Jakarta, Indonesia, by the Group of 20, which brings together the world’s largest economies, including the United States, China, and some European nations.
Indonesian President Joko Widodo opened the summit by warning of the global economic threats posed by the crisis in Ukraine, where fears of a Russian invasion are mounting.
“This is not the time for rivalries and creating new tensions that disrupt the… recovery, let alone endanger the safety of the world, as is happening in Ukraine,” he said.
“All parties must stop the rivalry and tension.”
The potential of a Russian invasion of its former Soviet neighbor poses a new challenge to a globe already battling to recover from the coronavirus outbreak while inflation rises.
In an interview with AFP ahead of the talks, US Treasury Secretary Janet Yellen warned of more “global impact” if the West pursues punitive sanctions against Russia over the situation.
