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  • DAILY CURRENT AFFAIRS:Western Countries boycotts Russia at the G-20 Finance Ministers meet

Western Countries boycotts Russia at the G-20 Finance Ministers meet

Tags: Russia-Ukraine Summits

U.S. Treasury Secretary Janet Yellen and her Canadian and European counterparts led a walkout of a meeting of Group of 20 Finance Ministers  and Central Bank Governors held in Washington D.C ,  when the Russian Finance Minister  Anton Siluanov started speaking .

  • The United States and its allies  took this step to protest the Russian invasion of Ukraine .

  • The United States wants Russia to be expelled from G-20 but it can be done only when there is unanimous support of the member countries . China and India and other  non-European countries are not in favour of this U.S move.

  • The G-20 Finance Ministers and Central Bank Governor meeting was held under the chairmanship of the  Indonesian Finance Minister  Sri Mulyani Indrawati. Indonesia is the current chairman of G-20.

  • The Indian side was led by Finance Minister Nirmala Sitharaman and Reserve Bank of India Governor Shaktikanta Das also participated in the meeting  .

G-20 Group 

  • Group of 20 or G-20 is a multilateral organisation which was set up in 1999.

  • It consists of the world's major developed and developing countries.

  • It consists of 19 countries and the European Union. The member countries are Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States.

  • The presidency of the G20 rotates every year among its members, with the country that holds the presidency working together with its predecessor and successor, also known as Troika, to ensure the continuity of the agenda. Currently Italy, Indonesia, and India are the Troika countries.

  • Italy was the President of the G-20 in 2021. Indonesia is the President for 2022 and India will be the President in 2023. 

  • The first Summit meeting of the leaders of the G-20 was held in 2008 at Washington, United States.

  • The G20 has no permanent secretariat.

  • G-20 members constitute 60% of the world population, 80% of World economy and 75% of world trade. 

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