Yellen at G20 Meeting: "Russia Responsible for Economic Crisis and Ukraine War"

G20 Finance Ministers and Central Bank Governors
Meeting Opens... Runs Until the 16th

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] U.S. Treasury Secretary Janet Yellen criticized on the 15th that the responsibility for the current global economic crisis lies entirely with Russia's brutal and unjust war.

At the G20 Finance Ministers and Central Bank Governors meeting held on the 15th (local time) in Bali, Indonesia, Western countries focused their criticism on Russia, which triggered the war in Ukraine.

Secretary Yellen said, "Russian officials need to realize that by continuing to support the Putin regime, they are adding to the terrible consequences of this war," and added, "You are equally responsible for the loss of innocent lives."

She then urged G20 member countries to take urgent measures to address the short-term food insecurity crisis caused by the Ukraine war and to avoid export restrictions and stockpiling that distort markets.

She stated that countries should aim for targeted financial support for the most vulnerable rather than adopting costly and regressive broad subsidies.

Secretary Yellen emphasized that although the economic shocks and food issues caused by this war have most directly affected the poorest countries and impoverished households, efforts to eradicate poverty and development have been hampered, and to address these problems, G20 member countries must increase government spending.

She stressed, "We need to take measures to resolve the short-term food security crisis, and likewise address the long-term issues of climate change and food insecurity," adding, "The speed and wisdom of the decisions we make now will determine whether we can control the current crisis."

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