The 1st G20 Finance Ministers and Central Bank Governors (FMCBG) and 2nd Finance and Central Bank Deputies (FCBD) Meetings were held in Bengaluru from 22nd-25th February 2023.

The meeting ended without a joint communique after Russia and China opposed any reference to the war in Ukraine. Instead, a G20 Chair's Summary and Outcome Document were released after the two-day meeting of finance ministers and central bank governors here.

It carried two paragraphs on the war but added that this was not agreed to by Russia and China. Coinciding with the first anniversary of Russia's invasion of Ukraine, leaders from countries such as the US and France wanted a condemnation of Moscow for the invasion while host India initially felt G20 was not the forum to address such an issue and wanted a more neutral term like "crisis" or a "challenge" to describe the "geopolitical situation".

But eventually, it did agree to include the impact the war has had on the global economy. Russia and China were upset at the use of the G20 platform for discussing political matters. India's Finance Miniter Nirmala Sitharaman is the chair.

The Summary stated that the G20 nations "reiterated" their national positions on the Ukraine war. "Most members strongly condemned the war in Ukraine and stressed that it is causing immense human suffering and exacerbating existing fragilities in the global economy - constraining growth, increasing inflation, disrupting supply chains, heightening energy and food insecurity, and elevating financial stability risk.

Finance Minister Nirmala Sitharaman said G20 members have agreed to deepen discussions around crypto assets and understand their broader implications.

G20 FMCBG is a significant achievement by G20 under India's Presidency, on subjects ranging from the global debt crisis, MDB reforms, climate finance, global approach on cryptos, digital public infrastructure, financial inclusion, financing cities of tomorrow, and taxation.

The Russia-Ukraine conflict is likely to cast a shadow over the meeting of the G20 foreign ministers in New Delhi this week, just as it did over the recent conclave of the finance ministers and the governors of the central banks of the bloc’s member nations in Bengaluru.