The gathering of finance ministers and central bank governors from the Group of 20 major economies was one of the most fractious since the start of the Covid-19 pandemic in 2020, according to people familiar with the discussions.
Canadian Finance Minister Chrystia Freeland strayed from the G20 economic script to issue an impassioned plea to her Russian counterparts to not invade Ukraine, warning that such action would hurt the global economy and bring “crushing” sanctions against Russia, according to two sources familiar with her remarks.
Other sources familiar with the meeting said China and Russia had objected to the reference to “current tensions” in an earlier draft communique, as well as disagreements on debt restructuring for poor countries and carbon pricing.
The group’s final communique simply said: “We will also continue to monitor major global risks, including from geopolitical tensions that are arising, and macroeconomic and financial vulnerabilities.”
As the meeting concluded, US and European stocks fell on worries that a Russian invasion of Ukraine was imminent after Russian-backed separatists announced a surprise evacuation of their breakaway regions in eastern Ukraine.
