International Monetary Fund chief Kristalina Georgieva on Wednesday called for cooperation in the Group of 20 major economies amid tensions among members over Russia's war in Ukraine, while acknowledging it is a "difficult moment."
Her remarks came as the United States and its allies step up efforts to isolate Russia from the global financial system through sanctions and other punitive measures, raising questions as to whether the G-20, of which Russia is a member, can continue to function as a forum for international economic policy coordination.
"It is a difficult moment. There are clearly very, very unsettling facts we have to deal with," the IMF managing director told a press conference just ahead of a meeting of the G-20 finance chiefs in Washington.
"But we also recognize how interdependent we are," she added. Citing the abundance of questions that "no country can solve on its own," she said, "It is so obvious that cooperation must and will continue."
The gathering has gained attention as the first G-20 ministerial talks to be held since Russia began its invasion on Feb. 24. The G-20 members include the Group of Seven -- Britain, Canada, Germany, France, Italy, Japan and the United States, plus the European Union -- as well as emerging economies such as China, India and Saudi Arabia.
U.S. President Joe Biden said in March that Russia should be removed from the G-20 in the wake of the invasion. In a show of protest, some finance ministers and central bank governors, including U.S. Treasury Secretary Janet Yellen, walked out of the G-20 meeting on Wednesday as Russian representatives spoke.
The event was held on the sidelines of the spring meetings of the IMF and the World Bank in the U.S. capital.
White House Press Secretary Jen Psaki told a press conference later in the day that Yellen's action was in line with the administration's stance of not conducting "business as usual at the G-20" as it relates to Russia.
Asked whether Biden is expected to do something similar should Russian President Vladimir Putin show up at the G-20 summit scheduled for November in Indonesia, Psaki emphasized that Biden believes Russia should not be part of the group. But she also said she cannot make predictions on an event that is still months away.
