Hong Kong News

Nonpartisan, Noncommercial, unconstrained.
Saturday, Apr 20, 2024

Russia seeks Brazil's help to prevent expulsion from IMF, World Bank

Russia seeks Brazil's help to prevent expulsion from IMF, World Bank

Russia has asked Brazil for support in the International Monetary Fund, the World Bank and the G20 group of top economies to help it counter 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 discrimination attempts in international financial institutions and multilateral fora."

"Behind the scenes work is underway in the IMF and 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 relayed to the Brazilian minister by Russia's ambassador in Brasilia on Wednesday.

"As you know, Russia is going through a challenging period of economic and financial turbulence caused by 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 participate in any G20 meetings if Russia was present, citing the invasion.

Almost half of Russia's international reserves have been frozen and foreign trade transactions are being blocked, including those with its emerging market economy partners, Siluanov said.

"The United States and its satellites are pursuing a policy of isolating Russia from the international community," he added.

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

"We consider that the current crisis caused by unprecedented economic sanctions driven by the G7 countries might have long-lasting consequences unless we take joint action to resolve it," he wrote to Guedes.

Brazil's far-right President Jair Bolsonaro, who visited Moscow just days before the invasion, has kept Brazil neutral in the Ukraine crisis and has not condemned 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 has said Brazil opposes the expulsion of Russia from the G20 as sought by the United States.

"The most important thing at this time is to have all international forums, the G20, WTO, FAO, functioning fully, and for that all countries need to be present, including Russia," Franca told a Senate hearing on March 25.

Newsletter

Related Articles

Hong Kong News
0:00
0:00
Close
It's always the people with the dirty hands pointing their fingers
Paper straws found to contain long-lasting and potentially toxic chemicals - study
FTX's Bankman-Fried headed for jail after judge revokes bail
Blackrock gets half a trillion dollar deal to rebuild Ukraine
Steve Jobs' Son Launches Venture Capital Firm With $200 Million For Cancer Treatments
Google reshuffles Assistant unit, lays off some staffers, to 'supercharge' products with A.I.
End of Viagra? FDA approved a gel against erectile dysfunction
UK sanctions Russians judges over dual British national Kara-Murza's trial
US restricts visa-free travel for Hungarian passport holders because of security concerns
America's First New Nuclear Reactor in Nearly Seven Years Begins Operations
Southeast Asia moves closer to economic unity with new regional payments system
Political leader from South Africa, Julius Malema, led violent racist chants at a massive rally on Saturday
Today Hunter Biden’s best friend and business associate, Devon Archer, testified that Joe Biden met in Georgetown with Russian Moscow Mayor's Wife Yelena Baturina who later paid Hunter Biden $3.5 million in so called “consulting fees”
'I am not your servant': IndiGo crew member, passenger get into row over airline meal
Singapore Carries Out First Execution of a Woman in Two Decades Amid Capital Punishment Debate
Spanish Citizenship Granted to Iranian chess player who removed hijab
US Senate Republican Mitch McConnell freezes up, leaves press conference
Speaker McCarthy says the United States House of Representatives is getting ready to impeach Joe Biden.
San Francisco car crash
This camera man is a genius
3D ad in front of Burj Khalifa
Next level gaming
BMW driver…
Google testing journalism AI. We are doing it already 2 years, and without Google biased propoganda and manipulated censorship
Unlike illegal imigrants coming by boats - US Citizens Will Need Visa To Travel To Europe in 2024
Musk announces Twitter name and logo change to X.com
The politician and the journalist lost control and started fighting on live broadcast.
The future of sports
Unveiling the Black Hole: The Mysterious Fate of EU's Aid to Ukraine
Farewell to a Music Titan: Tony Bennett, Renowned Jazz and Pop Vocalist, Passes Away at 96
Alarming Behavior Among Florida's Sharks Raises Concerns Over Possible Cocaine Exposure
Transgender Exclusion in Miss Italy Stirs Controversy Amidst Changing Global Beauty Pageant Landscape
Joe Biden admitted, in his own words, that he delivered what he promised in exchange for the $10 million bribe he received from the Ukraine Oil Company.
TikTok Takes On Spotify And Apple, Launches Own Music Service
Global Trend: Using Anti-Fake News Laws as Censorship Tools - A Deep Dive into Tunisia's Scenario
Arresting Putin During South African Visit Would Equate to War Declaration, Asserts President Ramaphosa
Hacktivist Collective Anonymous Launches 'Project Disclosure' to Unearth Information on UFOs and ETIs
Typo sends millions of US military emails to Russian ally Mali
Server Arrested For Theft After Refusing To Pay A Table's $100 Restaurant Bill When They Dined & Dashed
The Changing Face of Europe: How Mass Migration is Reshaping the Political Landscape
China Urges EU to Clarify Strategic Partnership Amid Trade Tensions
The Last Pour: Anchor Brewing, America's Pioneer Craft Brewer, Closes After 127 Years
Democracy not: EU's Digital Commissioner Considers Shutting Down Social Media Platforms Amid Social Unrest
Sarah Silverman and Renowned Authors Lodge Copyright Infringement Case Against OpenAI and Meta
Why Do Tech Executives Support Kennedy Jr.?
The New York Times Announces Closure of its Sports Section in Favor of The Athletic
BBC Anchor Huw Edwards Hospitalized Amid Child Sex Abuse Allegations, Family Confirms
Florida Attorney General requests Meta CEO's testimony on company's platforms' alleged facilitation of illicit activities
The Distorted Mirror of actual approval ratings: Examining the True Threat to Democracy Beyond the Persona of Putin
40,000 child slaves in Congo are forced to work in cobalt mines so we can drive electric cars.
×