U.S. Treasury Secretary Janet Yellen has said Russia's war in Ukraine represents the "greatest challenge" to the global economy.
“Our greatest challenge today comes from Russia," she told a news conference on July 14 on the resort island of Bali ahead of a meeting of the Group of 20 (G20) finance chiefs on July 15-16.
"The international community must be clear-eyed about the economic and humanitarian consequences of [President Vladimir Putin's] war."
Russia's unprovoked invasion of Ukraine has exacerbated inflation pressures, with soaring fuel and food prices hitting a world struggling to emerge economically from the coronavirus pandemic.
Yellen said she will press allies at the meeting to agree on a price cap on Russian oil to reduce the Kremlin's ability to fund its war and to bring down global energy costs.
She did not say if Western finance chiefs would stage a walkout when Russian officials speak at the Indonesian event as they did at a G20 meeting in Washington in April.
"It cannot be business as usual," she said.
"I can tell you that I can certainly expect to express in the strongest possible terms my views on Russia's invasion...to talk about its impact on Ukraine and the entire global economy and to condemn it."
"I expect that many of my colleagues will do the same."
Russia's finance minister is not scheduled to attend but will likely address the summit through a video link.