G20 Warns War Repercussions Exacerbate Global Economy Fragility

G20 Warns War Repercussions Exacerbate Global Economy Fragility

Finance ministers of the world's largest economies on Saturday strongly condemned Moscow's war on Ukraine, with only China and Russia refusing to sign a joint statement.

India, the current chair of the Group of Twenty (G20), was reluctant to raise the issue of the war, but Western countries insisted they could not support any final statement that did not condemn it.

The lack of consensus among G20 members led India to issue a "chair's summary and outcome document," which summed up the two days of talks and noted disagreements.

"Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy," India said, noting supply chain disruptions, risks to financial stability, and persistent food and energy insecurity.

"There were other views and different assessments of the situation and sanctions," it added, referring to the measures taken by the US, European countries, and other countries to punish Russia for the invasion and limit its revenues.

The outcome was similar to a G20 summit in Bali last November when host Indonesia issued a final declaration acknowledging differences.

The G20, formed over two decades to tackle economic crises, has increasingly struggled to reach a consensus to