The whole world is feeling the consequences of the russian war. The aggressor shouldn’t be the part of our community, - Sergii Marchenko at the G20 Session

As part of a working visit to the USA, Minister of Finance of Ukraine Sergii Marchenko took part in the G20, which was in Washington, DC.

The session was attended by G20 finance ministers and central bank governors, the IMF, the World Bank, and the European Commission leaders. 

In particular, the event was devoted to the impact of russia's war against Ukraine on the global economy.

The Minister of Finance of Ukraine told about the catastrophic consequences of russia's war and urged partners to unite to overcome them and accelerate Ukraine's victory in this unprovoked war.

The main points of Sergii Marchenko's speech:

The economic consequences of russian aggression go far beyond Ukraine and even the European region. Most of your countries are already feeling them – high energy prices, record inflation, food security risks, rising borrowing costs.

Governments of many countries have revised military spending upwards due to political uncertainty in the world. At the same time, high prices for energy carriers reduced the sustainable development expenditures (ESG – environmental, social, and governance) and instead redirected to purchase fossil fuels.

All this creates additional risks for the budget and debt policies, and also increases the deficits in your countries.

It is time for large economies and international financial organizations to develop new tools and solutions for the situation Ukraine is currently in, to overcome the global consequences of the war.

While we gathered on Monday at the Annual Meetings of the IMF and the World Bank to discuss global economic policy, russia launched massive missile strikes across the territory of Ukraine. More than 80 rockets killed dozens of civilians and significantly damaged critical infrastructure, including thermal and power stations. 29 objects of electricity infrastructure, communication facilities, and residential buildings were damaged. In total - more than 140 objects. Thousands of Ukrainians were temporarily left without water and electricity.

Now we have to make a new estimation of needs and losses, since the previous data is not relevant. The longer the war goes on, the higher the price will be.

Despite these acts of terrorism, russia continues to receive huge revenues from energy exports, which helps it maintain the country's defense capabilities. Ukraine receives much less, even taking into account the significant financial assistance from your countries and international financial organizations.

All the countries whose representatives are now at this session suffer losses due to a full-scale war of russia. Therefore, I have one question for all of us: Why russia is still the part of this community?