During the spring meetings of the International Monetary Fund and the World Bank, Treasury Secretary Janet Yellen and other global financial leaders walked out of a G20 session or turned off their screens to demonstrate “war is not compatible with international cooperation,” as Russian officials were speaking to underscore Moscow’s isolation following the invasion of Ukraine.
At the G20 opening ceremony, French Finance Minister Bruno Le Maire urged his Russian counterpart to refrain from attending G20 meetings. In a tweet, Canadian finance minister Chrystia Freeland said that the world’s democracies would not stand idly by in the face of continued Russian aggression and war crimes. In another tweet, she said this week’s meetings in Washington supported the world economy, and Russia’s illegal invasion of Ukraine was a grave threat to the global economy. Russia should not be participating in or included in these meetings.
The U.S. and its allies have imposed sweeping sanctions on Russia after it invaded Ukraine, preventing Moscow from accessing its foreign exchange reserves and banning imports of Russian oil. In contrast, the U.K. has targeted some wealthy Russian elite who live there and imposed sanctions on them. The U.K. Chancellor of the Exchequer, Rishi Sunak, said the West was united in condemning Russia’s illegal war against Ukraine and would push for stronger international coordination to punish the aggressor.