US Treasury Secretary: Ending the war in Ukraine is the best thing for the world economy

The best way to end the global economic turmoil is to stop the war in Ukraine.

This is what US Treasury Secretary Janet Yellen said before the G20 summit in Indonesia. “Ending the Russian war is a moral imperative and the best thing we can do for the world economy,” Yellen said categorically.

High fuel and food prices are among the main issues to be discussed at the summit, and few G20 countries have escaped the economic crisis. Yellen will hope to exert diplomatic pressure to end the war by blaming Russia for the economic crisis.

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

The summit is also expected to discuss the need to extend the Turkish-UN-brokered agreement that allows Ukrainian exports of vital grains and fertilizers to pass safely through the Black Sea.

Ukraine is one of the largest producers of both products in the world. Russian President Vladimir Putin appeared prepared to abandon the deal but faced a backlash from developing countries.

The current contract expires on November 19. Le Maire stressed the need to counter the effects of the Russian invasion, namely rising fuel prices in Europe.

“I really think the first question we have to put on the table is how do we get energy prices down and how do we get rid of inflation,” he said.

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