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US Treasury Secretary Janet Yellen said Group of 20 finance ministers had held productive talks in Indonesia on a proposal to impose price margins on countries that would pay for Russian oil.
However, the summit of G20 finance ministers ended on July 16 without a final statement, as differences over how to respond to Russia’s invasion of Ukraine failed to find unanimity within the group.
Instead of a formal communique, Indonesia will issue a 14-paragraph statement, said Indonesian Finance Minister Sri Mulyani Indrawati, who was the formal host of the meeting.
She said there was consensus on most of the document, but two paragraphs would focus on members’ differences regarding the impact of the war and steps to be taken.
Meanwhile, Secretary Yellen said there has been progress on a possible margin on Russian oil prices.
“On energy costs, I’ve had productive bilateral meetings with half of my counterparts, with whom I’ve talked about the price ceiling and how we can help achieve our goals to prevent Russian President Vladimir Putin from generate revenue for his war machine by lowering energy costs,” Yellen told reporters.
A price ceiling “would be one of our strongest tools to address the high prices that Americans and citizens around the world are facing,” she said.
Russian Deputy Minister of Finance, Timur Maksimov, participated in the talks. A week earlier, Russian Foreign Minister Sergei Lavrov walked out of the G20 meeting over Western criticism of the invasion of Ukraine.
Maksimov was present at the meeting when Western officials condemned the Russian invasion, a source told AFP.
The Minister of Finance of Ukraine, Serhiy Marchenko, participated via video link in the G20 meeting./Rel
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