London Daily

Focus on the big picture.
Wednesday, Apr 08, 2026

G20 finance leaders in Bali to tackle Ukraine, inflation

G20 finance leaders in Bali to tackle Ukraine, inflation

Top financial officials from the Group of 20 leading rich and developing nations met on the Indonesian island of Bali on Friday seeking strategies to counter the economic fallout from the war in Ukraine, inflation and other global crises.
Indonesian Finance Minister Sri Mulyani Indrawati opened the two-day meeting by urging fellow finance ministers, central bank chiefs and other leaders to find ways to “build bridges, not walls.” She said the consequences of failure, especially for less wealthy nations, would be “catastrophic.”

“Millions and millions if not billions of people are depending on us,” Indrawati said.

The meetings in Bali’s Nusa Dua resort town follow a gathering there of foreign ministers earlier this month that failed to find common ground over Russia’s war in Ukraine and its global impacts.

A G-20 finance meeting in Washington, D.C. in April saw officials from the U.S., Britain, France, Canada and Ukraine walk out to protest the attendance of Russian envoys. That meeting ended without the release of a joint statement.

Still, the G-20 financial meetings have the advantage of being less political in nature, Indrawati said.

Indonesia, as host, has tried to act as an “honest broker,” she said, uniting a divided East and West within the G-20, a schism that has sharpened since Russia invaded Ukraine in late February.

There’s no “playbook” for how to find agreement given the unprecedented tensions over the war, Indrawati said.

The financial leaders are searching for ways to coordinate how they shepherd their economies through inflation that is running at 40-year highs, unsnarling supply chains and bottlenecks due to the coronavirus pandemic and fortifying financial systems against future risks.

The G-20 managed to bridge differences in coping with the 2008 global financial crisis and the pandemic, said Indrawati.

“The actions we take will have a very important effect for the world,” she said.

One key goal of U.S. Treasury Secretary Janet Yellen and some other Western financial officials is gaining agreement on setting a price cap on Russian oil that might help bring energy costs under control and alleviate the decades-high inflation seen in many countries while also limiting Moscow’s access to revenues to fund its war effort.

“A price cap on Russian oil is one of our most powerful tools to address the pain Americans and families across the world are feeling at the gas pump and the grocery store right now, a limit on the price of Russian oil,” Yellen said at news briefing Thursday in Bali that was shown online.

Yellen said no price had yet been determined for such a cap, but the level would have to be one “that clearly gives Russia an incentive to continue to produce, that would make production profitable for Russia.”

She said she was “hopeful” that countries such as China and India that recently boosted imports of Russian crude oil, sold at steep discounts, would see it as being in their own self-interest to observe the price cap.

Without a price cap, a European Union and probably a U.S. ban on providing insurance and other financial services would take effect. “So, we’re proposing an exception that would allow Russia to export as long as the price doesn’t exceed a yet-to-be-determined level,” Yellen said.

Yellen did not say if she would walk out of the closed door meeting Friday during a speech by Russia’s representative to the talks. But she said it could not be “business as usual with respect to Russia’s participation at these meetings.”

At last week’s meeting, U.S. Secretary of State Antony Blinken and Russian Foreign Minister Sergey Lavrov were present in the same room at the same time for the first time since the Ukraine war began but they pointedly ignored each other.

Lavrov walked out of the proceedings at least twice: once when his German counterpart Annalena Baerbock spoke at the opening session and again just before Ukrainian Foreign Minister Dmytro Kuleba was to speak by video at the second session, according to a Western diplomat present.

Caught in the middle as host, Indonesia has urged officials from all sides to overcome mistrust for the sake of a planet confronting multiple challenges from the coronavirus to climate change to Ukraine.

Indonesia is among the developing countries contending with shortages and rising prices of fuel and grain due to the war and it says the G-20 has a responsibility to step up and ensure the rules-based global order remains relevant.
Newsletter

Related Articles

0:00
0:00
Close
UK Denies Visa to Kanye West After Sponsors Withdraw from Wireless Festival
Trump-Era Forest Service Restructuring Leads to Closure of UK Lab Focused on Kentucky Woodland Health
Foreign Students in the UK Describe Harsh Living Conditions and Financial Pressures
Reform UK Proposes Visa Restrictions on Nations Pursuing Reparations Claims
Public Reaction Divides Over UK Decision to Bar Kanye West
Calls Grow for UK to Review US Base Access Following Concerns Over Escalating Rhetoric
UK Indicates It Will Not Permit Use of Its Bases for Potential US Strikes on Iran’s Energy Infrastructure
UK Prime Minister Defends Decision to Bar Kanye West, Questions Festival Booking
UK Accelerates Efforts to Harmonise Medical Technology Rules with United States
Wireless Festival Cancelled After Kanye West Denied Entry to the United Kingdom
Australia’s most decorated living soldier was arrested at Sydney Airport and charged with five counts of war-crime murder for the killing of unarmed Afghan civilians
The CIA’s Secret Technology That Can Find You by Your Heartbeat Successfully Locates Downed Airman
Operation Europe: Trump Deploys Vance to Hungary to Save the EU
King Charles Faces Criticism From Some UK Christians Over Absence of Easter Message
Former UK Defence Secretary Raises Concerns Over Ability to Counter Iran Missile Threat
UK Signals Non-Involvement in Iran Conflict as Trump Reasserts Firm Deterrence Stance
US and UK Strengthen Medical Device Cooperation Following Tariff Removal
Trump Backs Steve Hilton for California Governor, Highlighting Reform Agenda
UK Seeks Closer Ties With Anthropic as AI Policy Divergence Emerges Across Atlantic
Experts Warn of Evolving Extremism After Teens Arrested in UK Ambulance Arson Case
UK Convenes Talks to Safeguard Shipping Through Strait of Hormuz After Conflict Escalation
Trump Highlights Strong Leadership in Critique of UK Stance on Iran
UK Authorities Review Kanye West’s Entry Status Following Festival Backlash
UK Considers Deploying Aircraft Carrier for US Independence Day Celebrations Amid Renewed Transatlantic Focus
United Kingdom Moves to Attract AI Firm Anthropic Amid Tensions with US Defense Officials
RAF Intercepts Iranian Drones in Middle East to Defend Allied Security Interests
Labour Signals Shift on Foie Gras and Fur Restrictions to Advance EU Trade Talks
Seven Arrested Near RAF Base as UK Authorities Respond to Protest Activity
Economic Pressures Mount as Analysts Warn UK Growth Is Being Constrained by Policy Burdens
UK Green Party’s Push for Church-State Separation Sparks Debate Over National Identity
Strategic Island Emerges as Growing Challenge for United States and United Kingdom Defense Planning
Pepsi Pulls Sponsorship from UK Festival Following Backlash Linked to Kanye West
Signs Emerge of Declining Enthusiasm for Social Media in the United Kingdom
Security Alert Raised Ahead of Meghan Markle’s Planned Visit to Australia
UK Food Halls Defy Hospitality Slowdown, Emerging as Bright Spot in Challenging Market
UK Sets Firm Conditions for Military Action, Insisting on Legal Mandate and Clear Strategy
UK Medicines Regulator Launches Probe into Peptide Clinics Over Health Claims
New North Sea Drilling Unlikely to Significantly Cut UK Gas Imports, Analysis Finds
Woman Linked to UK’s First All-Female Terror Plot Faces Deportation
Downed US Aircraft Over Iran Linked to Operations from UK Airfield
Two Men and Teen Detained in UK Following Attack on Jewish Charity Ambulance
UK Police Launch Inquiry After Firearms Left Unattended Outside Mayor’s Residence
Giuffre Family Calls on King Charles to Meet Epstein Survivors During US Visit
Amber Wind Warning Issued as Storm Dave Approaches Parts of the United Kingdom
Prince Harry and Meghan’s Australia Visit Set to Draw Heightened Global Attention
UK Considers Entry Fees for Overseas Visitors at Major Museums Ahead of 2026 Travel Season
UK Prime Minister and Kuwait Crown Prince Coordinate Security Response After Regional Escalation
Calls Grow to Expand Fully Paid Maternity Leave for UK Teachers Amid Workforce Pressures
UK Secures Tariff-Free Access to US Market in Landmark Pharmaceuticals Agreement
Trump Projects Strength in Critique of UK Leadership and Naval Readiness
×