Tuesday, May 30, 2023
HomeEconomyIndia reluctant to discuss new sanctions on Russia at G20 meeting

India reluctant to discuss new sanctions on Russia at G20 meeting

By Shivangi Acharya and Sarita Chaganti Singh

BANGALORE (Reuters) – India doesn’t want G20 countries to discuss additional sanctions over Russia’s invasion of Ukraine, govt Sources said on Wednesday that as it hosted a meeting of EU finance ministers, the United States and allies would push for further action.

India has maintained a neutral stance on the war, has refused to blame Russia for the invasion, sought a diplomatic solution and has increased its purchases of Russian oil over the past year.

Indian sources directly involved in this week’s meeting of finance ministers and the central bank governor in Bengaluru – the first major event of India’s one-year G20 presidency – said The macroeconomic impact of the war will be discussed.

US Treasury Secretary Janet Yellen planned a Treasury statement to “join allies in holding Russia accountable” during a G20 meeting in India.

“India is not keen to discuss or support any additional sanctions against Russia during the G20,” an Indian official said. “Existing sanctions against Russia have had a negative impact on the world.”

The description of the conflict was also a matter of debate during Wednesday’s drafting of the G 20 communiqué.

India tried to reach consensus on the words by calling it a “crisis” or “challenge” instead of “war”, but the discussions ended without a decision, with representatives of at least seven countries people who attended the meeting said.

These discussions have been postponed until Thursday, when Yellen will participate in the meeting.

The Ministry of Foreign Affairs, a spokesman for the Indian government and finance ministry, did not immediately respond to a request for comment.

Earlier, India’s Information Minister Anurag Thakur told a news conference after welcoming delegates: “Today’s era is not war. Democracy, dialogue And diplomacy is the way forward.”

The meeting at the Nandi Hills summer resort is likely to be overshadowed by the one-year anniversary of Russia’s invasion of its neighbor on Friday.

U.S. Deputy Treasury Secretary Wally Adeyemo said this week that Washington and its allies will impose new sanctions and export controls on Russia in the coming days and crack down on helping Moscow evade sanctions companies and individuals.

Japan’s financial leaders, the Group of Seven (G7) countries, will meet on the sidelines of the G20 meeting to discuss measures against Russia, Japan’s finance minister said on Tuesday.

Debt, cryptocurrencies on the agenda

“Many countries are eager for their turn to speak on the Russo-Ukraine war,” said a central bank deputy of one of the participating countries Long said yes, speaking on the condition of anonymity.

“Russia itself wants to discuss the economic impact of the sanctions.”

The Russian embassy in New Delhi did not respond to a request for comment.


G20 finance ministers and central bankers are also expected to discuss relief measures for struggling economies hit hard by COVID-20 Blocked Debt Restructuring

Reuters reported last week that India had drafted a G20 country proposal to pass a proposal to a group of countries including the world’s largest sovereign Lenders looking to help debtor and creditor China will slash lending.

Yellen and German Finance Minister Christian Lindner will attend and are expected to urge China to “quickly deliver” on debt relief for low- and middle-income countries.

However, neither the Russian Finance Minister nor the Central Bank Governor are expected to attend, and they will be represented by their representatives.


During the event, the IMF program will collaborate with the World Bank, India, China, Saudi Arabia, the United States and other G7 countries Countries meet to try to agree on common standards, principles and definitions for understanding how to restructure troubled national debt.

Rules on cryptocurrencies, reform of multilateral development banks, international taxation and securing enough money to fight climate change are also on the agenda, IMF The heads of organizations, the World Bank and the Asian Development Bank will be present.

India may also come up with a proposal to set up an expert G20 group to study World Bank reforms and improve global banking for low- and middle-income countries, sources told Reuters. Lending capacity to provide climate finance.



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