G-20 Should Take Stand on Countries Imposing Unilateral Sanctions: Economists
Following Russia's special military operation in Ukraine, Western countries imposed unilateral financial sanctions on Moscow in their bid to cripple the Eurasian nation's economy.
Two financial experts have called on the G-20 to take a firm stand on countries that impose unilateral economic sanctions on nations that don't tow their line or are in direct competition with them.
The remarks of Victoria V. Perskaya who is the director of the International Economic Relations Research Institute of the Financial University in Moscow and Viktoria Panova, who is the Sherpa of the Russian Federation in the Women's Twenty (W20), come at a time when Moscow has repeatedly demanded the lifting of the sanctions on Russia, terming the move as arbitrary.
Perskaya stated that the G20 summit became a serious signal for the UN because the United States has usurped its work.
"This is the first forum that reflects the change in geo-economics
," Perskaya commented in a video conference organized by Sputnik India.
G20 Must Rethink Sanctions Strategy
She opined that global chains must move vertically upward, if the G-20 wants to develop, they will have to rethink the sanctions strategy as contrary to the development of international trade, which presupposes free competition.
Another economist Viktoria Panova, who is the Sherpa of the Russian Federation in the Women's Twenty (W20), mentioned that G-20 member states should take a firm stand over matters such as unilateral sanctions imposed by a select group of countries on a particular nation.
According to her, unilateral sanctions are illegal, and only the Security Council has the right to impose them.
"If the G-20 wants to remain a serious global forum and make decisions that will truly contribute to stability in the world, regardless of the presiding country, nations promoting unilateral sanctions must listen more to the international majority and not listen only to themselves," she stressed.