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G20 struggling for more Russia sanctions

Photo : Aijaz Rahi/Associated Press

The finance ministers of the G20 meet under the Indian presidency. While the US representative, Janet Yellen, is going ahead with billions in additional aid for Ukraine and clear announcements to Russia, the host is reluctant.

The United States wants to provide Ukraine with around ten billion US dollars in additional economic aid in the coming months. At the same time, US Treasury Secretary Janet Yellen increased the pressure on Russia: Together with its partners, the US would continue to impose further sanctions, she said at a press conference on the sidelines of a meeting of finance ministers and central bank governors of the G20 countries in Bengaluru, India. “We are making efforts to strengthen our sanctions and ensure that we act against sanctions violations,” she said.

The actions of the USA and international partners are already having an effect, said Yellen. Russia’s economy is increasingly isolated. And there are also problems in the armaments industry. Russia is struggling to replace military equipment it has lost since February last year. Estimates also indicated that almost a million Russians may have left the country in the past year, she said.

The US is Ukraine’s main ally. According to Yellen, the United States has already provided more than $46 billion in security, economic and humanitarian assistance to the country under Russian attack. The finance ministers of the G20 countries, including the German head of department Christian Lindner, are meeting in Bengaluru these days to discuss the current state of the global economy and financial policy strategies. This year India chairs the G20 group of leading industrialized and emerging countries.

Clear words against Russia expected from G7

However, the G20 host wants to be neutral in the conflict – unlike the western democracies, which have imposed extensive sanctions on Russia. According to government officials, India is determined to prevent a G20 debate on additional punitive measures. G20 insiders told Reuters there was a push not to use the word “war” in the planned outcome document. Yellen, on the other hand, said she wanted strong condemnation of the invasion. The meeting is scheduled to end on Saturday.

The finance ministers of the seven leading industrial nations (G7) are also meeting in Bengaluru today. Here there should be clearer words against Russia. According to insiders, the exact financing gap is to be determined in the G7 circle. Ukraine will probably need significantly more than 40 billion dollars this year, less than 30 billion have been secured so far. It will also be about guarantees and other safeguards for further loans. An insider put the short-term financial requirement alone to rebuild the recently destroyed infrastructure in Ukraine at eight billion dollars.

Source : N-tv