War sanctions against Russia highlight growing divisions among the Group of 20 countries
Treasury Secretary Janet Yellen is facing growing skepticism from some leading rich and developing nations as the residual impact of sanctions against Russia is deepening divisions among the Group of 20 countries
WASHINGTON — Treasury Secretary Janet Yellen is facing growing skepticism from some leading rich and developing nations as the residual impact of sanctions against Russia is deepening divisions among the Group of 20 countries.
With world leaders and finance ministers meeting this week in India for the G20 summit, fractures have came into the open, and alliances are tightening among some nations that have long been resistant to the U.S.-led efforts to exact economic punishment on Moscow for its war in Ukraine.
The United States and its allies among the Group of Seven major industrial nations insist that the sanctions and a price cap on Russian oil have been successful at restricting revenue for the Russian economy, even though it grew, in a year-to-year comparison, by 4.9% in the second quarter of 2023.
Russia and China, meanwhile, have declared a “no limits” partnership of their own. And the economic bloc of Brazil, Russia, India, China and South Africa — known as BRICS — is trying to increase its use of local currencies instead of the U.S. dollar. Also likely to be seen at the G20 summit is budding closeness of U.S.-India ties in light of a shared concern about China's military and economic assertiveness.
As President Joe Biden and Yellen visit New Delhi, they will have to navigate a more fragmented economic and political environment during difficult negotiations over securing food and energy supplies for developing countries.
Yellen’s trip, her fourth to India in less than a year, comes shortly after Russian
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