BENGALURU: India does not want G20 nations to discuss additional sanctions on Russia for its invasion of Ukraine, government sources said on Wednesday, as it hosts a meeting of the bloc’s finance chiefs at which the United States and allies were set to push for further action.

India has kept a neutral stance on the war, declining to blame Russia for the invasion, seeking a diplomatic solution and increasing its purchases of Russian oil over the past year.

The Indian sources, who are directly involved in the meeting of finance ministers and central bank chiefs in Bengaluru — the first major event of India’s one-year G20 presidency — said the war’s macroeconomic impact would be discussed.

US Treasury Secretary Janet Yellen plans to “join allies in holding Russia accountable” for the war during G20 meetings in India, a statement said.

“India is not keen to discuss or back any additional sanctions on Russia during the G20,” said one of the Indian officials. “The existing sanctions on Russia have had a negative impact on the world.”

Anurag Thakur, India’s information minister, told a news conference after welcoming delegates: “Today’s era is not for war. Democracy, dialogue and diplomacy is the way forward.”

The meeting is likely to be overshadowed by the first anniversary of Russia’s invasion of its neighbour, which falls on Friday.

Debt, crypto on agenda

The G20 finance ministers and central bank chiefs are also expected to discuss unblocking debt restructuring for distressed economies.

Rules on crypto-currencies, reform of multilateral development banks, international taxation and securing adequate finance to combat climate change are also on the agenda of the meetings, which chiefs of the IMF, World Bank and ADB will attend.

Sources said India was likely to table a proposal to form an expert G20 group to look into reforms at the World Bank and to increase lending capacity of the global lender for climate financing in middle and low income countries.

Border distpute

Separately on Wednesday, China and India agreed to accelerate the resolution of issues related to the western section of the two nations’ border, China’s foreign ministry said. India said the meeting was held for consultation over border affairs, and the two sides discussed proposals for disengagement.

The two sides “discussed proposals for disengagement in the remaining areas in an open and constructive manner”, the ministry said. in a statement.

Published in Dawn, February 23rd, 2023