Ukraine calls for membership of the Russian Federation and Belarus in International Monetary Fund to be revoked

Sunday, March 6 2022, 17:51

Ukraine’s Prime Minister, Denis Shmygal, officially called on allies to revoke Russia's and Belarus' membership in the International Monetary Fund and the World Bank Group.

He announced this in his Telegram account.

"I have just signed an official petition to the United States, Canada, Britain, Germany, France, Italy and Japan to revoke Russia's and Belarus' membership in the International Monetary Fund and in all World Bank organisations. These two countries have violated their responsibilities and directed their policies towards war", said Shmygal.

He noted that in the petition, Ukraine invoked the Articles of Agreement of the International Monetary Fund and the Articles of Agreement of the International Bank for Reconstruction and Development, and pointed out that the two countries have violated these articles.

"No action contradicts the obligation to maintain stability and orderly economic conditions like war", explained the Prime Minister. "That is why the International Monetary Fund grants member countries the right to respond appropriately to the situation and to defend their mandate."

Shmygal asks for the support of the Group of Seven member countries in launching the procedure for suspending the operations of the International Monetary Fund and the World Bank Group with Russia and Belarus, and terminating those two countries’ membership in these organisations.