Finance chiefs from the Group of 20 economies have decided not to issue a joint statement after their April 20 meeting amid conflicts over Russia's participation in the event following its invasion of Ukraine, sources familiar with the matter said Monday.

The G-20 finance ministers and central bank governors are instead considering having Indonesia, this year's rotating chair of the group, release the results of discussions at the meeting in Washington, the sources said.

Indonesian President Joko Widodo delivers a video speech at a meeting of Group of 20 finance chiefs on Feb. 17, 2022. (Photo courtesy of the National Committee for the Indonesian G20 Presidency)(Kyodo)

In response to Moscow's aggression, U.S. President Joe Biden has said he believes Russia should be removed from the G-20. Some other members also aired concerns over the country's participation in the framework.

On the other hand, Brazil, India, China and South Africa, which along with Russia form the BRICS forum, have respected Moscow's presence at the G-20. Brazilian Foreign Minister Carlos Franca has said his country clearly opposes excluding Russia from the group.

From Japan, Finance Minister Shunichi Suzuki and Bank of Japan Governor Haruhiko Kuroda are expected to attend the meeting.

The finance chiefs' meeting comes ahead of a G-20 summit scheduled for November in Indonesia. Russia has said President Vladimir Putin intends to attend the leaders' talks, prompting calls for removing the country from the group.

Russia used to be a member of the Group of Eight. But it was dropped from the framework following the international outcry over its annexation of Crimea in 2014.

It is expected that Indonesia will not bar Russia from G-20 meetings, and the country may attend virtually. But members opposed to Russia's participation might decide to forego the gathering.

As for the globally surging energy prices and food costs exacerbated by the ongoing invasion of Ukraine, a statement is expected to be issued at a meeting related to the International Monetary Fund to be held after the G-20 gathering.

The G-20 groups Argentina, Australia, Brazil, Britain, Canada, China, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, the United States and the European Union.

The G-20 was formed in 1999 to discuss policies to achieve international financial stability after the Asian currency crisis that started with the collapse of the Thai baht.

After a global financial crisis sparked by the failure of U.S. securities firm Lehman Brothers Holdings Inc. in 2008, leaders of the G-20 member nations began to hold summits.

On Feb. 18, about a week before Russia started its attack on Ukraine, the G-20 financial leaders said they will "continue to monitor major global risks, including from geopolitical tensions that are arising, and macroeconomic and financial vulnerabilities," without directly mentioning the Ukraine crisis.

For the G-20 summit scheduled in November, Japanese Prime Minister Fumio Kishida said last week that the country will "respond appropriately based on discussions with other G-20 members and examinations on following situations."

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