S Jaishankar

• Group of Seven (G7) nations will meet on the margins of a G20 meeting in India.
• Finance ministers and central bank chiefs stated that the economic consequences of the conflict will be considered.
• Prime Minister Narendra Modi has not directly condemned Moscow for the invasion.

India does not want the G20 to discuss additional sanctions on Russia for its invasion of Ukraine during New Delhi’s one-year presidency of the bloc, six senior Indian officials said on Wednesday, amid debate over how even to describe the conflict.

On the eve of the first anniversary of the invasion, finance chiefs from the Group of Seven (G7) nations will meet on the margins of a G20 meeting in India on Feb. 23, Japan’s finance minister said on Tuesday.

The sources, who are directly involved in this week’s G20 conference of finance ministers and central bank chiefs, stated that the economic consequences of the conflict will be considered, but India would not consider extra sanctions against Russia.

“India is not keen to discuss or back any additional sanctions on Russia during the G20,” said one of the officials. “The existing sanctions on Russia have had a negative impact on the world.”

Another official said sanctions were not a G20 issue. “G20 is an economic forum for discussing growth issues.”

The Indian government, as well as the finance and foreign ministries, did not immediately respond to queries for comment.

Officials struggled to find an appropriate word to describe the Russia-Ukraine conflict on Wednesday, the first day of discussions to produce the G20 declaration.

“Crisis” or a “Challenge” rather than a “War”

According to officials, India attempted to reach an agreement on the terminology by calling it a “crisis” or a “challenge” rather than a “war,” but the meetings ended without a conclusion.

These conversations have been moved to Thursday when US Treasury Secretary Janet Yellen will be present.

According to Indian Foreign Minister S. Jaishankar, the war has disproportionately affected poorer countries by boosting fuel and food prices.

In recent months, India’s neighbors – Sri Lanka, Pakistan, and Bangladesh – have all sought loans from the International Monetary Fund to help them deal with the economic consequences of the pandemic and conflict.

Deputy Treasury Secretary Wally Adeyemo said on Tuesday that the United States and its partners planned to apply fresh sanctions and export controls in the coming days to target Russia’s acquisition of dual-use equipment such as refrigerators and microwaves in order to get chips for its military.

The restrictions would also strive to do more to prevent the transit of oil and other banned products through neighboring countries.

Adeyemo also stated that authorities from a coalition of more than 30 countries would warn corporations, financial institutions, and individuals who continue to do business with Russia that they would face penalties.

The administration of Indian Prime Minister Narendra Modi has not directly condemned Moscow for the invasion, instead calling for discussion and diplomacy to resolve the war. India has also increased its purchases of oil from Russia, its largest supplier of military weapons.

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