With their demarches against Russia, Western members of the Big 20 are demolishing the group’s purpose
By Sergey StrokanA journalist and columnist at Kommersant Publishing House
It is possible that April 20-22, 2022 will be remembered as the date when the G20 collapsed. This represents both the Western and non Western economies.
The events taking place in Washington as part of the meeting – during which the finance ministers of the ‘The Big 20’, as the group is unofficially referred to, were supposed to look for collective answers to the main challenges facing the world economy – lost their meaning amid the grandiose scandal that broke out in the American capital.
Janet Yellen, the US Treasury Secretary, and Rishi Sunak the UK Chancellor of Exchequer immediately declared that they would not attend any G20 event attended by Anton Siluanov the Russian Finance Minister. Thus, the dialogue between the leading economies of the East and West – for which, in fact, the ‘20’ was created at one time – was disrupted even before it began.
The G20 finance ministers were also forced to decline to approve a final communiqué on Washington’s results. This was due to Russia being present among the participants. Since the beginning of the military operations in Ukraine, the West has refused to speak to Moscow and demanded its exclusion from 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,”Jen Psaki, White House Press Secretary, stated.
“According to the latest forecasts, Russia’s GDP will shrink by 11%. A state default in Russia is only a matter of time,”Ursula von der Leyen Head, European Commission, asserted confidently before Washington G20, underscoring her determination not to increase tensions, despite their increasingly obvious side effects on Western economies.
Thus, by trying to enlist the non-Western part of the world in the sanctions war they have unleashed against Russia, as well as their campaign to isolate it, the United States and its Western allies killed ‘The Big 20’, splitting it into two camps.
In addition to the Group of Seven states and the European Union, the G20 includes the BRICS nations (Brazil, Russia, India, China, South Africa), as well as a number of other countries that won’t accept the idea of excluding Russia – Indonesia, Mexico, Saudi Arabia, Turkey, and South Korea among them.
However, by acting in this way, our ‘Western partners’ have crossed all imaginable and unthinkable red lines. In particular, they ignored the position of the current chair of the G20 – Indonesia – and tried to deprive it of its legal right to determine the meeting’s agenda.
Therefore, the G20 was placed on 20 April 2022 in a position where its members began to generate risks rather than containing them.
They were able to shoot themselves in the foot. They will continue to incur increasing costs as the crisis continues, while also eroding positions held by the US and Western financial institutions such the IMF or World Bank. This includes the loss of the dollar’s central position in global finance, and the accelerated formation of new payment systems, which will make it impossible to preserve or restore the old-world order in which Washington played a central role.
Original publication in Russian by RT’s Telegram.
Statements, opinions and views expressed in this column do not reflect those of RT.