Yellen says Russia should be expelled from G20,
 U.S. may boycott some meetings 

  U.S. Treasury Secretary Janet Yellen said on Wednesday that Russia should be expelled from the

  Group of 20 major economies forum, and the United States will boycott some G20 meetings if Russian

  officials show up. 

  Yellen, who spoke at a U.S. House Financial Services Committee hearing, was referring to an April 20

  G20 finance ministers and central bank governors meeting, a Treasury spokesperson said – raising

  questions about the forum's role in the wake of Russia's invasion of Ukraine. 

  Since 2008, the club has addressed issues from COVID-19 relief to cross-border debt. It also includes

  countries such as China, India and Saudi Arabia that have been reluctant to condemn the invasion,

  which Russia calls a "special military operation". 

  Yellen told lawmakers that Russia's invasion and the killings of civilians in the town of Bucha

  "represent an unacceptable affront to the rules-based global order and will have enormous

  economic repercussions." 

  The United States and allies have placed greater emphasis in recent months on the G7 grouping

  of industrial democracies, whose interests are more aligned, using those meetings to coordinate

  their response to Russia's war. 

  Yellen said the Biden administration wants to push Russia out of active participation in major

  international institutions, though it was unlikely it could be expelled from the International Monetary

  Fund given its rules. 

  "President Biden's made it clear... that it cannot be business as usual for Russia in any of the

  financial institutions," Yellen said. 

  "He's asked that Russia be removed from the G20, and I've made clear to my colleagues in

  (presidency holder) Indonesia that we will not be participating in a number of meetings if the

  Russians are there." 

  Yellen's testimony came as the Biden administration announced a new round of sanctions to

  punish Russia. 

  She also warned China - which has given its backing to Russia staying in the G20 - that the Treasury

  was prepared to turn its sanctions tools against Beijing in the event of aggression against Taiwan,

  which China claims as a wayward province. 

  Flexibility on Energy

  Russia's participation in the April G20 meeting, to be held in Washington on the sidelines of IMF

  and World Bank meetings, is unclear at present. 

  Moscow has said President Vladimir Putin intends to attend the G20 summit in Bali in November.  

  Indonesia, which will also host a G20 finance meeting in July, could not expel or "disinvite" any

  G20 members, including Russia, a government official familiar with the matter said, adding that

  whether a country attended was up to that nation. 

  The new U.S. sanctions against Russia ban Americans from investing there and lock Sberbank,

  Russia's largest lender and holder of a third of its bank deposits, out of the U.S. financial system,

  along with other institutions.  

  But transactions allowing European allies to purchase Russian energy were exempted because

  many European countries "remain heavily dependent on Russian natural gas, as well as oil, and

  they are committed to making the transition away from that dependence as rapidly as possible,"

  Yellen said. 

  A complete ban on oil exports from Russia, the world's third-largest producer, would likely prompt

  "skyrocketing" prices that would hurt both the United States and Europe, Yellen said. 

  But she hoped oil companies elsewhere could be enticed to ramp up production which, along with

  the release of oil from the U.S. Strategic Petroleum Reserve, may allow for tougher restrictions on

  Russian oil. 

  Asked if the United States would look to impose sanctions against China if Taiwan was threatened,

  Yellen said: "Absolutely... In the case of Russia... we’ve imposed significant consequences. And I think

  that you should not doubt our ability and resolve to do the same in other situations." 

  Asked about Yellen's comments, Chinese foreign ministry spokesman Zhao Lijian said Taiwan was an

  "inalienable" part of China's territory, saying Washington was “playing with fire.” 

  Source: Reuters 

  Jokowi asks his Minister to stop talking about
 extending the presidential term 

  President Joko Widodo has demanded his minister to cease all discussion regarding extending

  the presidential term and the possible delay of the 2024 general elections, ordering them to instead focus

  on the current troubles of the people. 

  This was said during a cabinet meeting at the Presidential Palace in Jakarta on Tuesday (April 5, 2022).

  Jokowi said difficult global condition has sparked inflation all across the world. 

  “I don’t want to hear anyone talking about delays [of the election], of extensions [of the presidential term],

  none of that,” he said on the recording of the meeting as published in the Presidential Secretariat channel

  on Wednesday (April 6, 2022). 

  He said ministers should be explaining the current economic situation with language that was easily

  understood by the public, adding that members of his cabinet should not be causing “polemics”. 

  “Focus on working on dealing with the problems we are currently facing,” he said. 

  President Jokowi did not specifically mention the minister who had voiced the possibility of extending

  his presidential term. However, Coordinating Minister of Maritime Affairs and Investment Luhut Binsar

  Pandjaitan did publicly mention that 110 million online voices would like the election to be delayed. 

  Mr. Pandjaitan said the proposal was the result of the government’s analysis on big data. However,

  when asked to show the big data, Mr. Pandjaitan brushed aside the demand. 

  Jokowi himself admitted that he had heard of aspirations of possibly extending his term. However, the

  former Mayor of the cIty of Solo said he would adhere to the constitution. 

  “Our constitution is clear. We must adhere and obey the constitution,” he said when asked by reporters

  about the possible term extension during a visit to Borobudur Temple in Magelang, Central Java, on

  Wednesday (March 30, 2022). 

  Source: Katadata