Yellen will travel to India, G20 summit as the forum grapples with the war in Ukraine | Tech US News

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WASHINGTON, Nov 4 (Reuters) – U.S. Treasury Secretary Janet Yellen will travel to India and the Group of 20 summit in Indonesia next week to strengthen U.S.-India economic ties and try to bridge divisions of the G20 caused by Russia’s war in Ukraine, the Treasury. he said on Friday.

Yellen will visit New Delhi on November 11 to participate in a meeting of the US-India Economic and Financial Partnership and deliver remarks on deepening the relationship between the two democracies at the Microsoft India Development Center, where she will also meet with technology leaders , according to a statement from the Treasury.

Yellen will also meet Indian Finance Minister Nirmala Sitharaman to discuss India’s assumption of the G20 presidency as the group of major economies continues to grapple with deep divisions over Russia’s invasion of Ukraine as the leaders’ summit approaches this year in Indonesia.

Russia, a member of the G20, has prevented the group from issuing statements containing language condemning the conflict.

“For India, we also expect, if the war continues, that there are likely to be negative ongoing economic consequences that the G20 will have to address and clearly highlight Russia’s culpability for the war and the consequences,” a Treasury official told reporters.

Treasury officials said they were still discussing with G7 allies and Australia how to set a price cap on Russian oil exports aimed at limiting Moscow’s revenue and keeping Russian crude on the market, but declined to offer a timetable for announcing it.

Coalition sources told Reuters on Thursday that the cap will be set at a fixed price that will be reviewed regularly rather than a discount to an index.

Although India has become a major buyer of Russian crude, the United States is not trying to pressure India to reduce those purchases, and the price cap was not a major focus of Yellen’s trip, a second Treasury official said.

“So we are not trying to stop countries from buying (Russian) oil,” the official added. “In fact, we see the biggest beneficiaries of the price cap being the big emerging market countries like India, so we wouldn’t be pushing them away.”

Yellen will travel to the Indonesian island of Bali on Nov. 12 for a joint meeting of G20 finance and health ministers before joining President Joe Biden at the G20 leaders’ summit on Nov. 15-16, the Treasury said. On November 13, Yellen will participate in the launch of a G20-led pandemic preparedness fund, to which the United States and the European Union have each committed $450 million, and on November 14, she will participate in a seminar on Indonesia’s transition to a pandemic low carbon economy.

In these meetings and bilaterals, senior Treasury officials said Yellen will seek the cooperation of her G20 counterparts to improve the resilience of the global economy as it continues to weaken in the face of high energy and food costs and inflation. These efforts will include stronger debt restructuring efforts and more work to build food security.

Asked whether Yellen would meet with her Chinese counterpart while in Bali, the official said the Treasury had no specific meetings to announce at this time.

“We certainly recognize that the relationship between the United States and China is one of the most important that we have. Although there are competitive and adversarial aspects. There are also cooperative aspects, and we look forward to working with the Chinese authorities in the future,” the official. said

Reporting by David Lawder; Edited by Simon Cameron-Moore

Our Standards: The Thomson Reuters Trust Principles.

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