(Bloomberg) -- Splits over the conflicts in Gaza and Ukraine prevented Group of 20 finance chiefs from issuing a closing communique after their meetings in Sao Paulo. 

Brazil’s Finance Minister Fernando Haddad told reporters that the parties had been unable to agree on geopolitics, and that, as hosts, his government would issue what is known as a chair’s statement instead. The meetings ended on Thursday. 

The statement, released minutes after Haddad’s comments, makes reference to “wars and escalating conflicts” without identifying them, as well as “geoeconomic fragmentation.”

People familiar with the matter earlier told Bloomberg News that political disputes had created friction between some of the nations present, making a joint declaration impossible. 

“In addressing the prospects for the global economy, Ministers exchanged views on ongoing wars, conflicts, and humanitarian crises, highlighting Ukraine and Gaza,” Brazil said in the text. “The Brazilian G20 Presidency noted that the finance track is not the most appropriate forum to resolve geopolitical issues and proposed that these issues shall continue to be discussed in relevant fora and meetings.”

This week’s meetings have broadly seen a split between a US-led bloc of advanced economies — which have strongly opposed Russia’s 2022 invasion of Ukraine and applied stringent economic penalties — and other countries that have been reluctant to back US sanctions, even if they’ve criticized the invasion. China, the world’s second-biggest economy, has tacitly sided with Russia over the conflict.

Read more: Two Wars Are Poisoning the Political Debate Everywhere

On the conflict in Gaza, most G-20 members support the global consensus in favor of an immediate cease-fire. The US has vetoed United Nations resolutions demanding one.

Tension over such issues has overshadowed other parts of the G-20 agenda in Sao Paulo, which is mainly focused on financial issues. Echoing an earlier draft, the text obtained by Bloomberg cites improved prospects for a “soft landing in the global economy” amid faster-than-expected declines in inflation rates.

Read More: World Economy Has Growing Chance of Soft Landing, G-20 Says 

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