Russia blocks joint statements at the IMF and the G-20

With the war in Ukraine, Russia has not only returned the armed conflict to Europe but is putting in check the effectiveness of the entire institutional structure which has served as a framework for international relations of the last decades. This challenge, which has been evident for almost two months in the United Nations, has been manifested again this week in Washington, where during the Spring Assembly of the International Monetary Fund celebrates Moscow has prevented consensus communiqués.

Russia prevented on Wednesday that there be a joint statement of the G20 after a meeting in which representatives of the United States, Canada and Japan, as well as the president of the European Central Bank and the European Commissioner for the Economy, left in protest during the intervention of the Russian Finance Minister. This Thursday Russia has also prevented a consensus statement of the International Monetary and Financial Committee of the IMF, the main advisory body of the board of governors, which since December has been chaired by the first vice president and minister of Economy of Spain, Nadia Calviño.

Despite Russia’s opposition, Calviño has issued a statement which, as he explained at a press conference, has been supported by “an overwhelming majority & rdquor; of the 24 members of the committee, which although it does not have formal powers gives the strategic direction to the IMF. The text opens by recalling the resolution supported by 141 countries in the UN General Assembly that “deplores in the strongest terms, aggression & rdquor ;. Likewise, the document points to “the damaging repercussions for the economy through direct and indirect channels & rdquor ;, urges “a rapid resolution through diplomatic channels & rdquor; and appeal to “more international cooperation and strengthened multilateralism for prevent fragmentation and safeguard global economic integration & rdquor ;.

“If there has been a time for multilateralism, it is now”, Calviño told the press in his appearance with the managing director of the IMF, Kristalina Georgieva, in which he also recognized that the organization lives “one of the most intense and complex moments” of your story. “Multilateralism is the only way if we want to deal with shared challenges, specifically the climate change, and related topics such as energy and food security that demand our urgent attention & rdquor ;, he also declared.

Calviño has also highlighted that despite the tensions, progress has been made on a vital issue: the establishment of the Resilience and Sustainability Fund, that will help low-income and other eligible countries deal with long-term structural challenges such as climate change or pandemics that pose macroeconomic risks. Georgieva has announced that 12 countries, including Spainhave given financial support and there are already 40,000 million dollars to start up the fund.

Russia has also been an issue this Thursday that has been addressed by the Secretary of the Treasury of the United States, Janet Yellen, who in another press conference in Washington has been very cautious when asked if the Europeans should seal the Russian energy veto. Although Yellen has argued that Europe “Clearly it must reduce its dependence on Russia for energy & rdquor; He has also assured that “it is necessary to have watch out”.

Yellen argues that a total ban on Russian energy exports to Europe would entail a global oil price risesomething that could hurt Europe a lot and Russia a little, which, in fact, could benefit even if its sales in Europe fell by getting more money from other exports.