US Pres Biden: Russia should be removed from G20

US President Joe Biden said on Thursday that he thinks Russia should be removed from G20, as reported by Reuters.

Additional takeaways

"Asked that Ukraine be able to attend G20 meetings."

"Ukraine's judgment to make whether it cedes territory to Russia."

"Talked about how major wheat producers US, Canada could increase and disseminate more rapidly food abroad."

"Determined to sustain efforts with allies on Ukraine and build on them."

"Coordinating with G7, EU on food and energy security."

"Russian President Putin didn't think we could sustain this cohesion among allies."

"NATO is more united than ever."

"China understands its economic future is more closely tied to the West than to Russia."

"Discussed need for a system to see who violates sanctions."

"Made no threats to Chinese President Xi but pointed out the number of American and foreign companies that had left Russia."

Market reaction

These remarks had little to no impact on risk sentiment and the S&P 500 Index was last seen rising 1% on the day at 4,500.