For the very first time in its existence, G20 find themselves in a scenario where its very own members were raising problems rather than mitigating them. The West may have just killed the G20.
The date of April 20, 2022, has all the makings of being remembered in the history of modern international relations as the day when the G20, which represents the world’s largest economies, abruptly disbanded.
The occurrences in Washington as part of the session – wherein the finance ministers of the ‘Big 20,’ as the group is known informally – were supposed to look for collaborative responses to the world economy’s major challenges – ended up losing their significance midst the grandiose controversy that erupted in the American capital.
Janet Yellen, the US Secretary of the Treasury, and Rishi Sunak, the UK Chancellor of the Exchequer, indicated right away that they would boycott any G20 gatherings attended by Russian Finance Minister Anton Siluanov. Thus, before it even began, the debate between the largest economies of the East and West – for which the ’20’ was founded – was interrupted.
For much the same rationale, the G20 finance ministers were compelled to reject to adopt an united final communique on the outcomes of the Washington summit in advance, as this turned out to be impossible due to Russia’s participation. Since the start of Moscow’s military action in Ukraine, Western powers have unequivocally declined to speak to it and urged that it be kicked out of the G20.
“Russia and President Putin have shown himself and themselves to be a pariah in the world. And the president’s view is that he has no place at an international forum,” White House Press Secretary Jen Psaki said.
“According to the latest forecasts, Russia’s GDP will shrink by 11%. A state default in Russia is only a matter of time,” European Commission HEad Ursula von der Leyen declared boldly before the G20 conference in Washington, indicating her willingness to escalate tensions despite the increasingly visible consequences for Western economy.
Thus, by attempting to recruit the non-Western globe in the sanctions campaign they have launched against Russia, as well as their effort to alienate it, the US and its Western allies have murdered ‘The Big 20,’ dividing it into two factions.
Along with the Group of Seven and the European Union, the G20 comprises the BRICS nations (Brazil, Russia, India, China, and South Africa), as well as a number of other countries that will not embrace the idea of eliminating Russia, including Indonesia, Mexico, Saudi Arabia, Turkey, and South Korea.
Our ‘Western partners,’ on the other hand, have broken all conceivable and unimaginable red lines by behaving in this manner. They specifically disregarded the current G20 chair’s position – Indonesia – and attempted to deny it of its lawful right to select the meeting’s agenda.
As a result, on April 20, 2022, the G20, which was formed in December 1999 to bridge the West-East divide and cooperate in international crisis management, saw themselves for the first time in its existence in a scenario where its very own members were raising problems rather than mitigating them.
As a result, they shot themselves in the foot. The current crisis will only exacerbate the expenses imposed on the international system, undermining the positions of the United States and Western financial institutions such as the IMF and World Bank within it. This includes the loss of the dollar’s central position in global finance, as well as the rapid development of other payment systems, making it hard to retain or rebuild the old-world order in which Washington played a key role.
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