Finance ministers and central bank governors of the G20 group of nations kicked off a two-day meeting on Feb. 17 with a stark warning that the Russia–Ukraine tensions pose a threat to the post-pandemic economic recovery and to world peace.
The Group of 20 meeting is being held in Jakarta, the capital of Indonesia, with the country’s president delivering opening remarks that highlighted a series of threats facing the international community, including surging inflation, snarled supply chains, and the risks to world peace and the global economic rebound if Russia–Ukraine tensions spiral out of control.
“The rise of a region would trigger the rise of other regions. On the other hand, the collapse of a region would result in the collapse of others,” Widodo continued.
“It is not the time to create new tensions that could affect global recovery, let alone jeopardize world peace, as we’ve currently seen in Ukraine.”
“It is necessary that every party puts an end to rivalry and frictions,” he added.
The G20 meeting brings together senior officials from the world’s biggest economies including China, Russia, the United States, and European nations.
On Monday, the finance ministers of the smaller G7 group of large western economies warned Russia of “massive” economic consequences if it were to invade Ukraine, to whose economy the finance chiefs promised support.
It is unclear, however, whether the larger G20 group will issue a similarly harsh warning to Moscow as Russia’s massive troop buildup near Ukraine’s borders has world leaders on high alert for a possible invasion.
The Kremlin has insisted that it has no plans for an invasion and has signaled some troops would be returning to base, but U.S. officials, and others, have said the situation on the ground suggests a different direction and that Russia continues to bolster its forces.
The Russian military on Friday announced massive drills for Saturday of the country’s strategic nuclear forces, including test launches of intercontinental ballistic missiles and cruise missiles.
Russian President Vladimir Putin is to personally oversee the drills from a Defense Ministry situation room, according to Kremlin spokesperson Dmitry Peskov.
Peskov said the war games were routine and foreign partners had been warned in advance.
President Joe Biden on Thursday warned that he believes a Russian invasion of Ukraine is imminent, describing the threat level as “very high.”
“Every indication we have is they’re prepared to … attack Ukraine. My sense is it will happen in the next several days,” Biden said.
