G20 finance summit is anticipated to end without a formal communiqué

• The Group of 20 major nations’ two-day conference of finance ministers and central bankers is poised to end without a formal declaration
• Instead, the sources added, Sri Mulyani Indrawati, the Indonesian Finance Minister, who is hosting this week’s summit on the Indonesian island of Bali
• Senior Western officials, including Canadian Finance Minister Chrystia Freeland and U.S. Treasury Secretary Janet Yellen

The Group of 20 major nations’ two-day conference of finance ministers and central bankers is poised to end without a formal declaration as the conflict between Russia and Ukraine continues to rift the group, according to two sources familiar with the situation.

Instead, the sources added, Sri Mulyani Indrawati, the Indonesian Finance Minister, who is hosting this week’s summit on the Indonesian island of Bali, is anticipated to release a chair’s statement summarising the proceedings of the meeting.

Senior Western officials, including Canadian Finance Minister Chrystia Freeland and U.S. Treasury Secretary Janet Yellen, slammed the Russian government for the war’s severe economic consequences

One insider stated, “We do not expect a communique.”

Recent G20 gatherings, including this week’s conference of foreign ministers, have been overshadowed by Russia’s invasion of Ukraine on February 24, which the Kremlin refers to as a “special military operation.”

In order to collectively address rising commodity prices, a worsening food security issue, and the consequences on low-income nations’ ability to repay debt, Sri Mulyani had hoped that delegates could set aside their concerns over the conflict.

But given the current situation, where Western nations are imposing severe sanctions on Russia and accusing it of committing war crimes in Ukraine—which Moscow denies—that proved to be too challenging. Other G20 countries, such as China, India, and South Africa, have reacted less strongly.

Since the organisation operates on the basis of consensus and Russia had blocked language about the cause of the economic downturn that led the World Bank and International Monetary Fund to lower their forecasts, Western sources had earlier in the week warned that it would be challenging to agree on a communique.

According to a source in the French finance ministry, “the war in Ukraine, for which one of the G20 members is totally accountable, is severely impeding the G20’s ability to act and communicate.”