Russia asks for Brazil’s help to prevent its expulsion from the IMF and the World Bank




CNN

Russia has asked Brazil for support from the International Monetary Fund, the World Bank and the group of major G20 economies to help it counter the crippling sanctions imposed by the West since it invaded Ukraine, according to a letter seen by Reuters.

Russian Finance Minister Anton Siluanov wrote to Economy Minister Paulo Guedes asking for “Brazil’s support to prevent political accusations and attempts at discrimination in international financial institutions and multilateral forums”.

“Behind the scenes, work is going on at the IMF and the World Bank to limit or even expel Russia from the decision-making process,” Siluanov wrote.

The letter, which made no mention of the war in Ukraine, was dated March 30 and delivered to the Brazilian minister on Wednesday by the Russian ambassador in Brasilia.

“As you know, Russia is going through a difficult period of economic and financial turbulence caused by the sanctions imposed by the United States and its allies,” the Russian minister said.

US Treasury Secretary Janet Yellen said last week that the United States would not attend any G20 meetings if Russia was present, citing the invasion.

Nearly half of Russia’s international reserves have been frozen and foreign trade transactions are blocked, including those with its partners in emerging market economies, Siluanov said.

“The United States and its satellites pursue a policy of isolating Russia from the international community,” he added.

Siluanov said the sanctions violate the principles of the Bretton Woods agreements that created the IMF and the World Bank.

“We consider that the current crisis caused by unprecedented economic sanctions imposed by the G7 countries could have lasting consequences unless we act together to resolve it,” he wrote to Guedes.

Brazil’s far-right President Jair Bolsonaro, who visited Moscow just days before the invasion, maintained Brazil’s neutrality in the Ukraine crisis and failed to condemn the invasion, drawing criticism from the Biden administration.

Bolsonaro expressed “solidarity” when he visited Russian President Vladimir Putin in the Kremlin on February 16, about a week before the invasion began.

Brazilian Foreign Minister Carlos Franca said Brazil opposes Russia’s expulsion from the G20 as requested by the United States.

“The most important thing right now is that all international forums, the G20, the WTO, the FAO, are fully functioning, and for that, all countries must be present, including Russia,” he said. Franca during a March 25 Senate hearing.


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