BENGALURU - Finance leaders of the world’s biggest economies were entangled in differences on Saturday over the war in Ukraine and on resolving the debt burden of distressed developing nations, participants said.
India, which holds the this year’s G-20 presidency, has kept a largely neutral stance on the war, declining to blame Russia for the invasion, seeking a diplomatic solution and sharply boosting its purchases of Russian oil. A senior G-20 source said negotiations over the communique were difficult, with Russia and China blocking proposals by Western countries.
India’s foreign, finance and information ministries did not immediately respond to requests seeking comment. Pressure has been building on China, the world’s largest bilateral creditor, and other nations to take a large haircut in loans given to struggling developing nations.