US Secretary Says Progress in Russian Oil Price Talks

However, the G20 Finance Ministers' summit ended on 16 July without a final declaration, as differences on how to respond to Ukraine's Russian occupation found no unanimousness within the group.

Instead of the formal communiqué, Indonesia will issue a 14 - paragraph statement, said Indonesia's Finance Minister Sri Mulyan Indrawati, who was the formal host of the meeting.

She said there has been consensus on most of the document, but two paragraphs will focus on members' differences regarding the influence of war and steps to take.

Meanwhile, Secretary Yelen said there has been progress for a possible brand of Russian oil prices.

“For energy costs, I've had productive bilateral meetings with half of my counterparts, with whom I talked about the price ceiling and how we can help achieve our goals to prevent Russian President Vladimir Putin from earning income for his war machine, lowering energy costs”, Yelen told reporters.

A price ceiling “would be one of our strongest tools to address the high prices that Americans and citizens worldwide are facing, she said.

Russian Deputy Finance Minister Timur Maksimov participated in the talks. A week earlier, Russian Foreign Minister Sergei Lavrov left the G20 meeting due to Western criticism of the invasion of Ukraine.

Maksimov has been present at the meeting when Western officials have condemned the Russian invasion, said a source for AFP.

Ukraine's Finance Minister Serhiy Marchenko has participated in the G20 meeting.