France To Oppose Any Change In Bali Declaration On Russia's War In Ukraine

French Finance Minister Bruno Le Maire reiterated the stance of the G7 nations on the Russia-Ukraine war, saying the country opposes any change in the language of the Declaration of the Leaders' Statement from last year's G20 summit.

"We want to make clear that we will oppose any step back from the leader's statement in Bali on this question of the war in Ukraine," Le Maire told media, on the sidelines of the G20 Finance Ministers and Central Bank Governors meeting in Bengaluru.

Le Maire said he also expects to see the implementation of a new international taxation system during India's presidency of G20.

In the declaration from the G20 Bali Summit, which was held on Nov. 15 and 16 last year, world leaders deplored the aggression by Russia against Ukraine and demanded complete and unconditional withdrawal from Ukrainian territory.

"We fully trust India to reach a strong communique and we are quite happy to see India at the driving seat today," he said. "We share the view of Prime Minister Modi—this is not and must not be an era for war."

Le Maire highlighted the European countries' determination to adopt new sanctions against Russia.

"Our sanctions are strong, our sanctions are efficient. They are hitting and reducing all revenues of Russia. They are freezing $58 billion of Russian assets," he said. "They are disorganising the Russian industry and undermining its war effort. They will be more and more effective in the long term."

The 2022 Bali Declaration notes there were varying views and different assessments of the situation and sanctions.

On Thursday, U.S. Treasury Secretary Janet Yellen also condemned Russia's "illegal and unjustified" full-scale invasion of Ukraine.

The G7 nations of Japan and France have echoed the U.S. position and condemned Russia's war in the same language. Japan, which is the 2023 G7 president, is also said to be considering new sanctions against Russia, according to a Reuters report.

"Speaking ahead of a call with other G7 leaders and Ukraine’s President Volodymyr Zelenskiy due later on Friday, Kishida (the Japanese Prime Minister) said he would present new ideas for sanctions, but did not give any details," Reuters reported.

This announcement comes after Thursday's G7 press conference where the Japanese Finance Minister said that they will monitor the effectiveness of (existing) sanctions and take further action as needed.

Le Maire asked world leaders to go "beyond talk" and implement the new international taxation system.

He hoped that through G20, the international community would implement the Pillar Two of minimum taxation and complete the negotiation of Pillar One on digital taxation.

As of October 2021, over 135 countries and jurisdictions joined a new two-pillar plan to reform international taxation rules, according to the website of the Organisation for Economic Cooperation and Development.

Pillar One aims for a fair distribution of taxing rights among countries with respect to multinational enterprises, including digital companies. Here, some taxing rights would be reallocated from the MNE's home countries to the markets where they have a physical presence.

Pillar Two aims to cap competition over corporate income tax through the introduction of a global minimum corporate tax rate. The proposed global minimum corporate income tax, with a minimum rate of 15%, is aimed at augmenting global tax revenues.

Le Maire urged all OECD member states to complete the negotiation of Pillar One on digital taxation. "We have been waiting too long," he said.

"Implementation of a new taxation system has always been a key priority for France. I reaffirm this key priority, it's time to decide."