A group of officials from the European Union seeks to curb Russia’s influence and its access to financing in the International Monetary Fund (IMF), as a sanction for its invasion of Ukraine.
In a note by Jan Strupczewski and Francesco Guarascio, disclosed by Reuters, it is presumed that this scenario now being discussed would increase the pressure on the Russian economy and financial system. It would also mark “an important symbolic step, deepening Moscow’s international isolation.”
Pulling Russia out of the institution altogether is one option being considered, the officials said, though some said that would be difficult, if not impossible.
“It is being discussed, but expelling Russia entirely is probably unrealistic given the required quorum,” said a senior euro zone official, referring to the broad support needed among countries including China.
Other options being examined include suspending Russia’s voting rights, as well as blocking its access to the IMF’s special currency, Special Drawing Rights, the officials said. An IMF spokesman did not immediately comment.
Russia has been left economically isolated after its forces invaded Ukraine in the biggest assault on a European state since World War II. Moscow calls the assault a “special operation.” The restrictions could form part of another round of sanctions, as the war in Ukraine enters its second week.
It should be noted that Russia has already been affected by the freezing of the assets of its central bank, the prohibition of access to the airspace of the EU, Canada and the United States, the withdrawal of several of its from the SWIFT international payment system and the sanctions to a group of tycoons.
Source: Larepublica
Kingston is an accomplished author and journalist, known for his in-depth and engaging writing on sports. He currently works as a writer at 247 News Agency, where he has established himself as a respected voice in the sports industry.
