Yellen, US Treasury Secretary, "Will Boycott G20 Meeting if Russia Attends"

The White House Clarifies "Not a No-Show at the Summit"

Janet Yellen, U.S. Secretary of the Treasury
Photo by Reuters Yonhap News

[Asia Economy Reporter Park Byung-hee] U.S. Treasury Secretary Janet Yellen stated on the 6th (local time) that the U.S. would boycott if Russia attends the Group of Twenty (G20) meeting. However, the White House drew a line by saying it does not mean they will skip the summit itself.

Secretary Yellen appeared at a Senate Finance Committee hearing that day and said, "I made it clear to my Indonesian counterparts that I would not attend the meeting if Russia shows up."

The G20 started as a forum for finance ministers and central bank governors of 20 major economies, including the Group of Seven (G7) and the European Union (EU) presidency, and was elevated to a summit-level forum following the 2008 global financial crisis. Indonesia is the G20 chair this year.

Since the outbreak of the Ukraine war, the U.S. has argued that Russia should be expelled from the G20, but Indonesia has expressed its intention to invite Russia to the summit. China also opposes Russia’s expulsion.

The G20 has multiple working-level consultations scheduled this year, with a ministerial meeting in July followed by a summit in November.

The U.S. political media outlet The Hill predicted that considering the Ukraine situation, if President Vladimir Putin insists on attending, President Joe Biden and Western leaders might choose not to participate.

Secretary Yellen said that Russia should also be expelled from the International Monetary Fund (IMF), but it does not seem likely to happen. Nevertheless, she hopes Russia will be pushed out so that it cannot effectively participate in such international organizations.

The IMF is holding its Spring Meetings this month in Washington, D.C., together with the World Bank (WB), and a separate G20 finance ministers’ meeting is also scheduled during this period.

As controversy arose, the White House moved to clarify that it does not mean a boycott of the G20 summit. White House Press Secretary Jen Psaki said in a press briefing that the Treasury Department explained that Secretary Yellen’s remarks referred to ministerial and more working-level meetings. She also noted that there are seven months left until the G20 summit, and Yellen’s comments did not imply plans to boycott or skip the summit.

Meanwhile, Secretary Yellen warned that, citing the Ukraine situation as an example, the U.S. is prepared to use sanctions if China attacks Taiwan.

Deputy Secretary of State Wendy Sherman also appeared before the House Foreign Affairs Committee and stated that China must learn the right lessons from the Ukraine situation and that any attempt by China to take Taiwan by force is unacceptable.

This content was produced with the assistance of AI translation services.