Leaders of the G20 Summit are gathering this week, many doing a dance between speaking of peace, trying not to step on toes, condemning Russia without condemning Russia, and speaking about clean energy. We expected nothing else.
World leaders are expected to sign a statement condemning the “war in Ukraine.” It does not condemn “Russia’s war in Ukraine.” Many countries would not sign a document written thus. India, for example, is happy to call for peace but has not sanctioned trade with Russia and does not seem likely to.
Chinese President Xi Xinping said that the global food and supply chain process is a man-made crisis of politics and that sanctions should be dropped in order to stop politicians from weaponizing food and energy security. China is also not about to join the sanction game. In fact, Asia is now the recipient of more Russian oil than ever as Europe suffers from a lack of it.
This won’t get much better as OPEC has estimated more cuts to oil production in the coming months.