US Treasury Secretary Janet Yellen has urged the West and global allies to redouble support for war-ravaged Ukraine on the same weekend that The New York Times ran a headline which indicated, "After Suffering Heavy Losses, Ukrainians Paused To Rethink Strategy".
"As you know, I have pushed hard - both in public and in private - for timely debt treatments for countries in need of relief. Over the past few years, we have seen debt vulnerabilities mount for many countries as a result of the pandemic and Russia's illegal war against Ukraine," Yellen continued.
Two days of talks between economic and finance policymakers from the Group of 20 nations will wrap up on Tuesday without a joint statement due to differences between major powers over the war in Ukraine, according to Indian officials hosting the meeting.
During its presidency of the G20, India is hoping to forge a consensus on reforms for multilateral banks, a global guiding principle on cryptocurrencies and accelerate the debt resolution of vulnerable countries, but the Russia-Ukraine conflict has cast a long shadow over global diplomacy.
India has adopted a largely neutral stance, declining to blame Russia for the invasion and urging a diplomatic solution, while also increasing purchases of discounted oil from Russia.
So Yellen's attempt to rally the summit firmly behind the Ukraine cause has failed, as skepticism of Washington and NATO's motives grow among global partners, particularly BRICS countries.
"Another key priority this week is to redouble our support for Ukraine as it continues to defend itself against Russia's illegal and unprovoked attack. My visit to Kyiv earlier this year still deeply moves me to this day. Seeing the bravery and resilience of the Ukrainian people up close impacted me personally. During the trip, I also saw the massive difference that foreign assistance is making to the lives of Ukrainian civilians and the Ukrainian military's front lines. As I've said, ending this war is first and foremost a moral imperative. But it's also the single best thing we can do for the global economy."
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