The end of the Ukraine war is the “best thing” to fix the world economy: Yellen

The end of the Ukraine war is the “best thing” to fix the world economy: Yellen


US Treasury Secretary Janet Yellen put pressure on Russia ahead of the G20 summit in Indonesia on Monday, saying the best way to end the global economic turmoil is to end the war in Ukraine.

“Ending Russia’s war is a moral imperative and the best thing we can do for the world economy,” Yellen told reporters upon meeting her French counterpart Bruno Le Maire in Nusa Dua on the resort island of Bali.

High fuel and food prices are among the main issues set to be discussed at the summit, and few G20 countries have escaped the economic woes.

Yellen will hope to build diplomatic pressure for an end to the war by blaming Russia.

Host Indonesia has called for talks and a peaceful solution to the conflict, but like other G20 members China, South Africa and India, has largely avoided directly criticizing Russia.

The summit is also expected to discuss the need to extend a Turkey-UN brokered deal that will allow key Ukrainian grain and fertilizer exports to safely pass through the Black Sea.

Ukraine is one of the world’s largest producers of both products. Russian President Vladimir Putin appeared to distance himself from the deal but faced a sharp backlash from developing countries.

The current agreement expires on November 19. Le Maire underscored the need to counteract the effects of the Russian invasion, particularly rising fuel prices in Europe.

“I really think the first question we have on the table is how do we lower energy prices and eliminate inflation,” he said.

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