Russia’s participation in the IMF proposed to be reviewed due to US dollar sanctions
[ad_1]
“Americans are closing a potential loophole”
US President Joe Biden previously signed a law that prohibits the exchange of dollars for special drawing rights (SDR), which is the unit of account of the International Monetary Fund. The US Treasury was instructed to add from other countries the conversion of the SDR of Russia and Belarus into hard currency. Economist Ivan Lizan believes that against this background, Russia should reconsider its participation in the IMF.
In an interview with the newspaper “Vzglyad” Lizan opined that Biden allowed himself “another shot at Russia,” and the Americans are closing a potential loophole that could, in theory, allow the Russian Federation to receive about $18 billion. The expert recalled that the receipt of these funds was due to the fact that the IMF had previously distributed $ 650 billion among the countries participating in the fund in proportion to their quotas to overcome the consequences of the pandemic.
Thus, as the economist noted, the funds due to Russia were allocated, but not transferred, because they remained in the currency of the IMF and will go to the 300 billion gold and foreign exchange reserves of the Russian Central Bank already lying there. According to Lizan, the current situation has once again actualized the issue of maintaining Russia’s membership in the IMF, since the country regularly makes contributions, but cannot receive its share.
At the same time, the expert clarified that Russia is a donor country and it is difficult to remember when the Russian Federation last took money from the IMF. Lizan explained that if Russia applied for help, they would put up so many economic and political conditions that even countries smaller than ours would not agree to, and what this leads to can be seen in the example of Ukraine. The economist concluded that Russia should probably reconsider its approach to participation in the fund.
Read also: Ban on currency: what will happen to the turnover of dollars and euros in Russia
[ad_2]
Source link
