Finance ministers and central bank governors of G-20 nations began a two-day meeting on Thursday while Indonesian President Joko Widodo warned that the escalating tensions between Russia and Ukraine are a threat to the post-pandemic recovery.

The Group of 20 – which brings together the world's biggest economies including the United States, China and some European nations – is holding the talks in a hybrid format in the Indonesian capital Jakarta. Opening the meeting, Widodo warned of the risks to the global economy of the crisis in Ukraine, where fears are growing that Russia is poised to invade.

"This is not the time for rivalries and creating new tensions that disrupt the... recovery, let alone endanger the safety of the world, as is happening in Ukraine," he said.

"All parties must stop the rivalry and tension."

The threat of a Russian invasion of its ex-Soviet neighbor presents a fresh challenge for a world already struggling to keep recovery from the coronavirus pandemic on track as inflation surges.

Ahead of the talks, U.S. Treasury Secretary Janet Yellen warned in an interview with Agence France-Presse (AFP) of further "global fallout" if the West moves ahead with punishing sanctions on Russia over the crisis.

Rocketing global inflation will also be in focus at the meeting, as central banks begin tightening rates and withdrawing massive stimulus introduced during the pandemic.

Other issues on the agenda at the talks – which were originally due to take place in Bali but were moved due to an omicron virus wave – include debt restructuring for poor countries and reform of global health systems.