May 22, 2022

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Russia seeks help from Brazil to avoid expulsion from IMF and World Bank

(CNN) –– The International Monetary Fund, the World Bank and the G20 Group of Major Economies have called for support to help Russia face the Western sanctions imposed on it since its occupation of Brazil. UkraineAccording to a letter read by Reuters.

Russian Finance Minister Anton Siluanov wrote a letter to Economy Minister Paulo Guedes asking for “Brazilian support for preventing political allegations and discrimination in international financial institutions and multilateral forums.”

“Behind the scenes, there is an attempt by the IMF and the World Bank to control or exclude Russia from the decision – making process,” Siluvanov wrote.

The letter not mentioning the war in Ukraine is dated March 30. It was sent to the Brazilian minister by the Russian ambassador to Brasilia on Wednesday.

“You know Russia is going through a challenging period of economic and financial turmoil due to sanctions imposed by the United States and its allies,” he said.

U.S. Treasury Secretary Janet Yellen said last week that the United States would not attend any G20 summit, citing Russia’s invasion.

Nearly half of Russia’s international reserves have been frozen and foreign trade has been blocked, including those with its partners from emerging market economies, Silvanov said.

Russian Finance Minister Anton Siluvanov before President Vladimir Putin’s annual address to the Federal Assembly in Moscow in January 2020.

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

Siluvanov said the sanctions violated the principles of the Bretton Woods Accords, which established the IMF and the World Bank.

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“We believe the current crisis, caused by unprecedented sanctions promoted by the G7 countries, will have lasting consequences if no collective action is taken to resolve it,” he wrote to Guedes.

Brazil’s far-right President Jair Bolsanaro visited Moscow a few days before the invasion. It has neutralized Brazil in the Ukraine crisis. In that sense, he does not condemn the invasion, which has drawn criticism from the Biden administration.

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Bolsanaro expressed “unity” when he met with Russian President Vladimir Putin in the Kremlin on February 16. A week before the invasion began.

Brazil’s Foreign Minister Carlos Franca has said he opposes Russia’s expulsion from the G20, which the United States wants.

“The most important thing at this time is that all international forums, the G20, the WTO, the FAO, be fully operational. .