The US Treasury Secretary said that Russia should be excluded from the G 20.
The U.S. Treasury Secretary Janet Yellen said that Russia should be excluded from the G20 – the club of the 20 largest economies in the world – warning that the U.S. will boycott “a number of meetings” in the G20 format if Russian officials appear at them.
Yellen made this statement while speaking at a hearing before the House Financial Services Committee.
The G20 includes China, India, Saudi Arabia and a number of other countries that have reluctantly condemned Russia’s actions against Ukraine.
Speaking to lawmakers, Yellen said that Russia’s invasion of Ukraine and the killing of civilians in Bucha “are an unacceptable violation of the global rules-based world order and will have huge economic consequences in Ukraine and beyond.”
The Finance Minister added that the Joe Biden administration seeks to minimize Russia’s active participation in major international organizations, recognizing that Moscow is unlikely to be excluded from the International Monetary Fund, given the rules in force at the IMF.
“President Biden has made it clear, and I certainly agree with him, that Russia cannot, as if nothing had happened, be present in any of the [global] financial institutions,” Yellen said. “He said that Russia should be excluded from the G20, and I made it clear to our colleagues in Indonesia that we would not participate in a number of meetings if the Russians showed up there.”
Indonesia, which is the chairman of the G20 this year, is organizing a meeting of G20 finance ministers. A summit of the G20 leaders is to be held in Bali, Indonesia, in November.
The representative of the Ministry of Finance later explained that Yellen was referring to the meeting of finance ministers scheduled for April 20 and the meeting of the chairmen of central banks, which is to be held as part of the spring meetings of the IMF and the World Bank in Washington.
At the moment, it is unknown whether the representative of Russia will participate in the April meeting of G20 finance ministers. However, Moscow announced the participation of President Vladimir Putin in the G20 leaders’ summit, having received support from China regarding its membership in the club.