Russia approaches Brazil for aid to avoid IMF expulsion

According to a letter obtained by Reuters, Russia has requested Brazil for assistance in the International Monetary Fund, the World Bank, and the G20 group of leading nations in order to overcome crushing sanctions imposed by the West since it invaded Ukraine.

Russian Finance Minister Anton Siluanov wrote to Brazil’s Economy Minister Paulo Guedes, requesting “assistance in preventing political allegations and efforts at discrimination in international financial institutions and multilateral fora.”

“Behind the scenes, the IMF and World Bank are working to restrict or even exclude Russia from decision-making,” Siluanov said.

The letter, which made no reference to the Ukraine crisis, was dated March 30 and was sent to the Brazilian minister on Wednesday by Russia’s envoy in Brasilia.

“As you are aware, Russia is through a difficult moment of economic and financial turmoil as a result of sanctions imposed by the US and its allies,” the Russian minister stated.

US Treasury Secretary Janet Yellen stated last week that the US would abstain from any G20 meetings that included Russia, citing the invasion.

Almost half of Russia’s foreign exchange reserves have been frozen, and foreign trade operations, particularly those with emerging market economy partners, have been halted, Siluanov added.

“The US and its satellites are adopting an isolationist approach against Russia,” he warned.

Siluanov stated that the penalties contravene the Bretton Woods principles that established the IMF and the World Bank.

“We believe that the current situation, which is being exacerbated by unprecedented economic penalties imposed by the G7, will have long-lasting implications unless we take coordinated action to overcome it,” he wrote to Guedes.

Brazil’s far-right President Jair Bolsonaro, who visited Moscow days before the attack, has maintained a neutral position in the Ukraine conflict and has not criticized the incursion, bringing condemnation from the Biden administration.

Bolsonaro voiced “solidarity” with Russian President Vladimir Putin during a February 16 visit to the Kremlin, almost a week before the invasion began.

Brazil’s Foreign Minister, Carlos Franca, has stated that Brazil rejects the United States’ request to exclude Russia from the G20.

“What is critical at this point is that all international forums, like the G20, the WTO, and the FAO, function completely, which requires the presence of all nations, including Russia,” Franca told a Senate committee on March 25.