Keeping lines open for talks with Russia

Founded in the aftermath of the Asian financial crisis and the 1998 Russian debt default, and galvanised by the global financial crisis of a decade later, the Group of 20, or G-20, is an intergovernmental body that focuses primarily on international financial stability. This year's summit, to be hosted by Indonesia in mid-November, is themed Recover Together Recover Stronger - clearly aimed at rebuilding from the devastating Covid-19 global pandemic. Not one economy in the group of 19 nations and the European Union has been spared from two years of pandemic- induced disruption. Some have suffered more than others. If ever there was a time to put heads together to work on common solutions, it is now.

It is unfortunate, therefore, that Russia's invasion of Ukraine is overshadowing what should be the obvious priority. Blunt, poorly executed and costly for everyone - not least Russia itself, which has lost hundreds of soldiers by its own admission - the fallout from this military travesty now threatens the global recovery, as nations that cut economic ties with Moscow seek alternative sources of fuel and other commodities, which are already scarce and, therefore, transacted at higher prices. Indeed, the inflation that this fuels raises chances that central bankers may be tempted to increase interest rates - thereby putting economic recovery at risk as the cost of money goes up for businesses and individuals.

All the more reason then - abhorrent as the invasion of Ukraine undoubtedly is - that the world's biggest industrialised nations led by the United States should not press for Russia to be disinvited from the G-20 summit, or dropped from the forum altogether. Already, even America's allies such as Britain and France have winced at US President Joe Biden's remarks that Russian President Vladimir Putin must not be allowed to hold power. That unfortunate remark, described as an emotional personal outburst after meeting hapless Ukrainian refugees, had to be walked back by no less than the US Secretary of State. The situation is too fraught for anything other than cool heads all round.

Dropping Russia from the G-20 will cleave the grouping. China will not stand for it. Nor is it clear that large economies such as India, South Africa and Brazil will agree with such a move, although some may stay away themselves. If Mr Putin attends - he may opt to excuse himself, although his ambassador to Indonesia says he wants to come - the opportunity for G-20 leaders to speak to and confront him directly must not be missed. Russia, though no longer a dominating economy, is important to global supply chains, from rare earths to energy, grain and semiconductors. Odious as its presence may be, the realities of the global economy cannot be wished away. Better to have Russia in the room than outside it.