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 had no place at this week's G20 gatherings of finance ministers, given the country's conflict with Ukraine and its effects on the world economy. Yellen urged the international community to hold Russia responsible for the 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 the actions of a government that upholds international norms and laws. Representatives of the Putin regime have no place at this forum."

The G7 countries have maintained that Russia shouldn't participate in their meetings as long as the nation is breaking international law. However, German Chancellor Olaf Scholz, who now holds the G7 leadership, stated in late June that "as things stand today," all G7 leaders will attend the G20 conference in Indonesia this November, even if Russian President Vladimir Putin did not. Notably, Anton Siluanov, the 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 further added, "I think I've made clear that it cannot be business as usual with respect to Russia's participation at these meetings," and expressed her excitement to welcome the finance minister of Ukraine to the 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 the shipping of Russian oil take effect at the end of the 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. The 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 the International Monetary Fund to continue making zero-interest loans to the world's poorest economies, the United States would also grant $70 million to the Poverty Reduction and Growth Trust of the IMF.