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Russia requests Brazil’s assistance to keep sway at IMF and World Bank

Russia has asked Brazil for help in the International Monetary Fund, the World Bank, and the G20 group of top nations to help it resist severe sanctions imposed by the West since it invaded Ukraine.


Russian Finance Minister Anton Siluanov wrote to Brazilian Economy Minister Paulo Guedes, requesting Brazil’s ‘assistance in preventing political charges and prejudice in international financial institutions and multilateral fora.’


‘Behind the scenes at the IMF and World Bank, work is being done to limit or perhaps exclude Russia from the decision-making process,’ Siluanov wrote. He didn’t go into detail on the barriers to Russian involvement in those organisations, and his claims were not independently validated.


The letter, which made no mention of the Ukrainian conflict, was dated March 30 and sent to the Brazilian minister on Wednesday by Russia’s envoy in Brasilia.


‘As you are aware, Russia is experiencing economic and financial volatility as a result of sanctions imposed by the US and its allies,’ the Russian minister added.



When asked about the letter, Erivaldo Gomes, the Brazilian Economy Ministry’s secretary of international economic relations, said that Brasilia wants Russia to stay in multilateral discussions.


‘From Brazil’s perspective, maintaining an open communication is critical,’ he said. ‘Our bridges are international bodies, and our assessment is that these bridges must be conserved,’ says the author.


Last week, US Treasury Secretary Janet Yellen stated that the US would not attend any G20 meetings if Russia was there, citing the invasion as the reason.


Almost half of Russia’s overseas funds have been frozen, and foreign trade transactions, especially those with developing market economies, have been halted, according to Siluanov.


‘The US and its satellites are pursuing a policy of isolating Russia from the rest of the world,’ he continued.


The penalties, according to Siluanov, are in violation of the Bretton Woods agreements, which established the IMF and the World Bank.


‘We believe that the current crisis, which is being exacerbated by unprecedented economic sanctions imposed by the G7 countries,’ he wrote to Guedes, ‘may have long-term effects unless we take collective action to overcome it.’


The far-right in Brazil is on the rise. President Jair Bolsonaro, who visited Moscow just days before the invasion, has maintained Brazil’s neutrality in the Ukraine conflict and has refused to denounce the invasion, provoking condemnation from the Biden administration.


On February 16, just a week before the invasion began, Bolsonaro paid a visit to Russian President Vladimir Putin in the Kremlin, expressing ‘solidarity.’


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