Leaders of the Group of 20 (G20) nations deplored Russia's aggression in Ukraine "in the strongest terms" on Wednesday and demanded its unconditional withdrawal in a declaration adopted at the end of a two-day summit. The leaders of the world's biggest economies also agreed to pace interest rate rises carefully to avoid spillovers and warned of "increased volatility" in currency moves but it was Ukraine that dominated the summit on the Indonesian island of Bali.
"Most members strongly condemned the war in Ukraine," the declaration said, signalling that Russia, which is a member of G20, opposed the wording. The positions taken by China and India, which abstained from a similar U.N. resolution in March, were not immediately clear. However, at least three diplomats said the statement, which recognised that "there were other views and different assessments of the situation and sanctions", was unanimously adopted.
"The use or threat of use of nuclear weapons is inadmissible," the declaration also said. "It is essential to uphold international law and the multilateral system that safeguards peace and stability. This includes defending all the purposes and principles enshrined in the Charter of the United Nations and adhering to international humanitarian law."
Earlier, the day's schedule at the summit was disrupted by an emergency meeting to discuss reports of a missile landing in Polish territory near Ukraine on Tuesday and killing two people. U.S. President Joe Biden said after the meeting that the United States and its NATO allies were investigating the blast but early information suggested it may not have been caused by a missile fired from Russia.
NATO member Poland had said a rocket killed two people in eastern Poland near Ukraine, and it summoned Russia's ambassador for an explanation after Russia denied it was responsible. Leaders from the Group of Seven nations, Spain, the Netherlands and the EU, who were all in Bali for the G20 summit, attended the meeting. The G7 includes the United States, Germany, France, Canada, Italy, Britain and Japan.
Taking a break from the negotiations, the G20 leaders dressed in white shirts, some with baseball caps with the G20 logo, took part in a ceremony to plant mangrove saplings to signal the battle against climate change. They agreed to pursue efforts to limit the rise in global temperatures to 1.5C, including speeding up efforts to phase down unabated use of coal.
On the sidelines of the summit, U.S. Treasury Secretary Janet Yellen held a two-hour meeting with Chinese central bank Governor Yi Gang, her first in-person talks with a senior Chinese economic official. She had said before the meeting she hoped to get new insight into China's policy plans and work towards more economic engagement between the two countries.
WTO Director-General Ngozi Okonjo-Iweala told Reuters on the summit sidelines that several major economies faced a real risk of sliding into recession as the war in Ukraine, rising food and fuel costs, and soaring inflation cloud the global outlook. 'CALIBRATE MONETARY TIGHTENING'
But it was the Western-led push to condemn Russia over its invasion of Ukraine that dominated the talks. Many participants said President Vladimir Putin's Feb. 24 invasion of Ukraine had pummelled the global economy and revived Cold War-era geopolitical divisions just as the world was emerging from the worst of the COVID-19 pandemic.
Russia, whose forces pounded cities and energy facilities across Ukraine on Tuesday as the G20 met, has said "politicisation" of the summit was unfair. "Yes, there is a war going on in Ukraine, a hybrid war that the West has unleashed and been preparing for years," Foreign Minister Sergei Lavrov said on Tuesday, repeating Putin's line that NATO's expansion had threatened Russia.
Lavrov was representing Putin at the summit but left on Tuesday evening. Russia was later represented by Finance Minister Anton Siluanov. The West has accused Russia of making irresponsible statements on the possible use of nuclear weapons since its invasion of Ukraine. Russia has in turn accused the West of "provocative" nuclear rhetoric.
The 19 countries in the G20 together with the European Union account for more than 80% of the world's gross domestic product, 75% of international trade and 60% of its population. Host Indonesia has pleaded for unity and a focus on problems like inflation, hunger and high energy prices, all exacerbated by the war.
In their declaration, the leaders said the world economy was facing "unparalleled multidimensional crises" ranging from the war in Ukraine to a surge in inflation, forcing many central banks to tighten monetary policy. As well as agreeing to calibrate monetary tightening, the G20 members reaffirmed their commitment to avoid excessive exchange-rate volatility while recognising that "many currencies have moved significantly" this year.
On debt, they voiced concern about the "deteriorating" situation of some middle-income countries and stressed the importance of all creditors sharing a fair burden.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)