Russia-Ukraine Conflict: Is it a 'Crisis' or a 'War', G20 communique goes down to the wire

Bengaluru: Exactly a year back, Russia invaded Ukraine but leaders of the world's top 20 economies, referred to as G20, are debating how it should be addressed in a joint communique that is to be issued after the two-day meeting of G20 finance ministers and central bank governors.

Host India wants the geopolitical tension to be referred as a "crisis" or a "challenge" while US and other western nations want nothing short of "war" to go in the communique that is to be issued on Saturday evening.

Sources said India is trying to build a consensus to include neutral word.

Officials discussed the language of the communique over the last two days and going by the fault lines, it seems the discussions may stretch into tomorrow, they said.

India has neither directly condemned nor sided with Moscow but its trade with Russia has galloped in last one year as it scooped deeply discounted oil.

Russian oil now makes up for more than a quarter of all oil that India buys from overseas. Russian oil imports, which was 0.2 per cent prior to the war, totalled a record 1.4 million barrels in January.

At the last G20 Summit in Bali in November 2022, the declaration read: "Most members strongly condemned the war in Ukraine." However, some member countries held "other views and different assessments of the situation and sanctions." Russia, which is part of G20, calls its invasion of Ukraine as a "special military operation".

On Thursday, US Treasury Secretary Janet Yellen speaking in a closed-door meeting called for stronger sanctions against Russia and better enforcement of restrictions meant to restrict Moscow's capacity to wage war.

Russian President Vladimir Putin did not attend the G20 summit of world leaders in Bali, Indonesia, in November. Russia was represented by its Foreign Minister Sergey.

The meeting of G20 finance ministers and central bank governors here is the first major event under India's G20 presidency and coincided with the first anniversary of Russia's invasion of Ukraine that has killed thousands and forced millions of people out of their homes.

The meetings over two days are expected to touch on a wide range of issues, including digital currencies and payments, reform of institutions like the World Bank, climate change and financial inclusion.