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G20 considers resolution warning against impacts of Ukraine war on global economy

Tuesday, 15 November 2022 9:57 AM [ Last Update: Tuesday, 15 November 2022 9:57 AM ]

Indonesia President Joko Widodo, center, speaks during the G20 leaders summit in Nusa Dua, Bali, Indonesia, on Nov. 15, 2022. (Via Reuters)

Leaders from the Group of 20 (G20) nations have met for a two-day summit on the Indonesian island of Bali that is considering a draft resolution warning against impacts of Ukraine war on global economy.

The 16-page draft declaration stress the war was exacerbating fragilities in the global economy, Reuters quoted diplomats as saying on Tuesday.

"There were other views and different assessments of the situation and sanctions," said the document, a copy of which was seen by Reuters.

"Recognizing that the G20 is not the forum to resolve security issues, we acknowledge that security issues can have significant consequences for the global economy," it said.

According to the report, the resolution has yet to be adopted by the G20, whose members include the United States, Russia, Brazil, India, Saudi Arabia and Germany, and could be alerted.

It is the first time the G20 leaders gather since Russia launched the war on Ukraine late in February.

G20 ministers' gatherings have previously failed to issue joint declarations because of disagreement between Russia and other members on language, including on how to describe the war in Ukraine, which Western countries see as a Russian invasion.

Earlier on Tuesday, the summit opened with a plea by Indonesian President Joko Widodo for unity and concrete action to mend the global economy despite deep rifts over the war, saying, "We have no other option, collaboration is needed to save the world."

"G20 must be the catalyst for inclusive economic recovery. We should not divide the world into parts. We must not allow the world to fall into another cold war," he said.

Addressing the summit, Ukrainian President Volodymyr Zelenskiy said in a virtual address that now was the time to stop Russia's war in his country "justly and on the basis of the UN Charter and international law", calling for introducing price restrictions on Russian energy resources.

Russia launched the war on Ukraine in late February following Kiev’s failure to implement the terms of the 2014 Minsk agreements and Moscow’s recognition of the breakaway regions of Donetsk and Luhansk.

Since then, the US and its European allies have imposed unprecedented waves of economic sanctions against Moscow while supplying large consignments of heavy weaponry to Kiev. Moscow has been critical of the weapons supplies to Kiev, warning that they will prolong the war.

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