US Treasury Secretary Janet Yellen avers Russia has 'no place' at this week's G20 summit

US Treasury Secretary Janet Yellen stated on July 14, that Russian officials h no place at this week's G20 garings of finance ministers, given country's conflict with Ukraine and its effects on world economy. Yellen urged international community to hold Russia responsible for war and its severe effects on energy prices and rising food hunger, during a press appearance outside of a G20 meeting of financial officials.

Yellen, during a press conference stated, "Russia's actions are not actions of a government that upholds international norms and laws. Representatives of Putin regime have no place at this forum."

G7 countries have maintained that Russia shouldn't participate in ir meetings as long as nation is breaking international law. However, German Chancellor Olaf Scholz, who now holds G7 leership, stated in late June that "as things stand today," all G7 leers will attend G20 conference in Indonesia this November, even if Russian President Vlimir Putin did not. Notably, Anton Siluanov, finance minister for Russia, will participate in this week's conference via video link.

Yellen says she would continue to fight for a price cap on Russian oil

Yellen furr ded, "I think I've me clear that it cannot be business as usual with respect to Russia's participation at se meetings," and expressed her excitement to welcome finance minister of Ukraine to discussions. Yellen said she would continue to fight for a price cap on Russian oil, which she claimed would assist cut energy prices and sustain global oil flows once European, and potentially British and US sanctions on shipping of Russian oil take effect at end of year.

Failure to take such measures, she warned, would shut in a large proportion of Russian oil, raising world oil prices. On February 24, Moscow launched what it refers to as a "special military operation" in Ukraine. Kremlin characterises European and American sanctions as acts of economic warfare.

Yellen also criticised China for declining to take part in debt reduction initiatives for low-income countries. She stated that one of her main goals was to pressure G20 creditors, including China, to complete debt relief for such nations. In order for International Monetary Fund to continue making zero-interest loans to world's poorest economies, United States would also grant $70 million to Poverty Reduction and Growth Trust of IMF.