IMF postpones scheduled consultations with Russia after Western pressure

IMF

 

The International Monetary Fund has postponed its planned consultation mission with Russia indefinitely because of technical issues, TASS agency cited Alexei Mozhin, Russia’s director at the IMF, as saying on Wednesday (18 September).

“The Fund’s management notified the Russian side and the board of directors that the mission’s work would be postponed indefinitely,” Mozhin said.

“Technical unpreparedness of the mission to conduct consultations was mentioned as the reason for postponing the mission.”

The IMF did not immediately respond to a request for comment.

Ukraine and its Western allies had objected to the mission to Russia on grounds that it would show relations with Russia to have been normalised despite the invasion and occupation of vast tracts of Ukrainian territory.

The IMF’s decision was communicated on Monday, the day the mission had intended to begin online consultations. These were to have been followed by an IMF delegation visit to Moscow for meetings with Russian officials.

It would have meant the IMF becoming the first major international financial body to send its official mission to Russia since the February 2022 invasion of Ukraine.

Mozhin said the Russian side was “well aware” that many European countries “had spoken out about the unacceptability of the resumption of cooperation between the IMF and Russia and the unacceptability of conducting such consultations”.

Preparations for conducting the consultations at issue had taken place more than a year ago and Russia, while never requesting a mission, was prepared to receive one as part of its obligations under IMF rules, Mozhin said.

“The Russian side hereby again confirms its preparedness,” he added.

The IMF’s last annual mission visited Russia in November 2019, before the start of the COVID pandemic. There have been no IMF missions to Russia since the start of Russia’s war in Ukraine.

Source: Euractiv.com

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Stuart Turley is President and CEO of Sandstone Group, a top energy data, and finance consultancy working with companies all throughout the energy value chain. Sandstone helps both small and large-cap energy companies to develop customized applications and manage data workflows/integration throughout the entire business. With experience implementing enterprise networks, supercomputers, and cellular tower solutions, Sandstone has become a trusted source and advisor.   He is also the Executive Publisher of www.energynewsbeat.com, the best source for 24/7 energy news coverage, and is the Co-Host of the energy news video and Podcast Energy News Beat. Energy should be used to elevate humanity out of poverty. Let's use all forms of energy with the least impact on the environment while being sustainable without printing money. Stu is also a co-host on the 3 Podcasters Walk into A Bar podcast with David Blackmon, and Rey Trevino. Stuart is guided by over 30 years of business management experience, having successfully built and help sell multiple small and medium businesses while consulting for numerous Fortune 500 companies. He holds a B.A in Business Administration from Oklahoma State and an MBA from Oklahoma City University.