Yellen Walks Out On Russian Official During G20 Meeting

Topline

Treasury Secretary Janet Yellen and officials from several other countries walked out of a Group of 20 meeting in Washington on Wednesday when a Russian delegate spoke, a source familiar with the matter told Forbes, a high-profile snub as U.S. officials seek to diplomatically and economically isolate Russia over its invasion of Ukraine.

Key Facts

Yellen and Ukrainian Finance Minister Serhiy Marchenko, who attended as a guest, both left the G20 meeting—which included finance officials from 20 large economies—when Russian Finance Minister Anton Siluanov began speaking virtually.

Several other finance ministers and central bank governors who called into the meeting virtually turned off their cameras during Siluanov’s remarks, the source said.

Canadian Finance Minister Chrystia Freeland confirmed the walkout on Twitter, posting a photo of herself alongside Yellen and other officials.

Earlier this month, Yellen told the House Financial Services Committee she wouldn’t participate in some G20 meetings if Russia also attends, a decision she relayed to Indonesia, which holds the G20’s presidency this year and sets meeting agendas in coordination with the group’s other 19 members.

What To Watch For

Last month, President Joe Biden suggested kicking Russia out of the G20, which includes the United States, European Union, China and other major economic powers. However, uninviting Russia from the G20 summit later this year could prove difficult since G20 president Indonesia—which is hosting the 2022 summit and helps steer the group alongside former president Italy and incoming president India—has indicated it will allow Russia to attend.

Key Background

After Russia invaded Ukraine in February, the Treasury and its counterparts in U.S.-allied countries sought to choke the Russian economy through massive sanctions against its financial sector, central bank, political elites and other entities. Most recently, Germany’s foreign minister said Wednesday the country hopes to stop all Russian oil imports by the end of the year and phase out natural gas imports—which are a crucial source of revenue for Russia. The invasion has also severely harmed Russia’s diplomatic ties with the United States, causing an already-rocky relationship to plunge to one of its worst points in decades. Biden has accused Russia of committing genocide and said Russian President Vladimir Putin “cannot remain in power,” and both countries have sought to expel some of each other’s diplomats. Pressure to ramp up diplomatic and economic penalties against Russia has grown in recent weeks, as evidence emerges of mass killings of Ukrainian civilians in areas occupied by Russian forces.

Crucial Quote

“Treasury is committed to holding Russia accountable for its actions, so it cannot benefit from the international financial system,” Yellen told lawmakers earlier this month.

Tangent

The G20 snub wasn’t the first international walkout against a Russian official. In early March, dozens of western diplomats left the room when Russian Foreign Minister Sergei Lavrov began addressing the United Nations Human Rights Council in Switzerland.