The treasurer is attending the two-day G20 finance ministers and central bank governors summit in Bali alongside Reserve Bank of Australia head Philip Lowe.
Reserve Bank of Australia governor Philip Lowe (left) and Treasurer Jim Chalmers (right) at the G20 Finance Ministers and Central Bank Governors Meeting in Nusa Dua, Bali, Indonesia. Source: AAP / Made Nagi/AP
“It is Russia’s invasion that has undermined energy and food security, and not the sanctions, and so Russia must take full responsibility for this,” Mr Chalmers told the meeting on Friday.
“By increasing uncertainty around energy security, Russia’s war on Ukraine has also reinforced the urgency of seeking cleaner, cheaper and more reliable energy – an area which my government can now show a renewed commitment to,” he said.
Mr Chalmers praised Mr Marchenko and the “courageous” people of Ukraine, saying Australia strongly supports the nation’s sovereignty and territorial integrity.
Minister’s warning as Russia-Ukraine war overshadows talks
Sri Mulyani Indrawati said the world had high hopes the group would be able to find a solution to the triple threat of war, rising commodity prices and their spillover effects on the ability of low-income countries to repay debt.
Indonesia’s Finance Minister Sri Mulyani Indrawati (centre) warned that a failure by the G20 finance leaders to reach a consensus during talks in Bali could be “catastrophic” for low-income Source: AAP / MADE NAGI / POOL/EPA
“We are acutely aware that the cost of our failure to work together is more than we can afford,” the finance minister said.
German and French officials have expressed scepticism that common ground can be reached due to the tensions over Ukraine.
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