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      Janet Yellen to Meet Finance Minister Nirmala Sitharaman Ahead of G20 Summit

      US Treasury Secretary Janet Yellen will travel to India and the Group of 20 Summit in Indonesia next week to bolster US-India economic ties and to try to overcome G20 divisions prompt by Russia’s war in Ukraine, the Treasury said.

      Janet Yellen will visit New Delhi on 11th November 2022 to participate in a meeting of the US-India Economic and Financial Partnership and deliver remarks on the two democracies’ deepening relationship at the Microsoft India Development Center, where she also will meet with technology sector leaders, according to a Treasury statement.

      Janet Yellen also will meet with Indian Finance Minister Nirmala Sitharaman to discuss India’s assumption of the G20 presidency, as the group of major economies continues to struggle with deep divisions over Russia’s invasion of Ukraine as this year’s leaders’ summit in Indonesia approaches.

      Russia, a G20 member, has block the group from issuing communiques with language condemning the conflict.

      As per Treasury official :

      “For India, we clearly also will expect if the war is continuing, that there will likely be negative continuing economic fallout that the G20 will need to address and clearly highlight Russia’s culpability for the war and the fallout,”.

      Treasury officials said they were continuing to discuss with G7 allies and Australia how to set a price cap on Russian oil exports aim at limiting Moscow’s revenues while keeping Russian crude on the market, but decline to offer a timeline for announcing it.

      As per sources the cap will be set at a fix price that will be review regularly rather than a discount to an index.

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      While India has become a major buyer of Russian crude, the United States is not trying to pressure India to reduce such purchases, and the price cap was not a major focus of Yellen’s trip, as per second Treasury official.

      As per second Treasury official :

      “So we are not trying to stop countries from purchasing (Russian) oil,” the official added. “In fact, we see the biggest beneficiaries of the price cap being large emerging market countries like India, so we wouldn’t be pressuring them away from it.”

      Janet Yellen will travel to the Indonesian island of Bali on 12th November 2022 for a joint meeting of G20 finance and health ministers before joining President Joe Biden at the G20 leaders summit on 15th and 16th November 2022, the Treasury said.

      On 13th November 2022, Janet Yellen will participate the launch of a G20-led pandemic preparedness fund, to which the United States and European Union have each commit $450 million (approx. Rs. 3,700 crore), and on 14th November 2022, Janet Yellen will participate in a seminar on Indonesia’s transition to a low-carbon economy.

      In these and bilateral meetings, the first Treasury officials said Janet Yellen will seek cooperation from G20 counterparts in improving the resilience of the global economy as it continues to weaken in the face of high energy and food costs and inflation.

      These efforts will include stronger debt restructuring efforts and more work to build up food security.

      Ask whether Janet Yellen would meet with her Chinese counterpart while in Bali, the official said that Treasury had no specific meetings to announce at present.

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      Official said :

      “We certainly recognise that the US-China relationship is one of the most consequential ones that we have. While there are competitive and adversarial aspects. There are also cooperative aspects, and we look forward to engaging with Chinese authorities going forward,”.

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