The International Monetary Fund did not oppose the transfer of Russian assets to Ukraine. The IMF reminded of the need to calculate legal and economic risks for states before making a final decision.
Russian media have been quoting out of context the words of representatives of the International Monetary Fund, who allegedly opposed the transfer of frozen Russian assets to Ukraine. «The IMF believes that the West’s plans to use Russia’s assets will undermine the global monetary system,» Russian media quoted representatives of the International Monetary Fund as saying.
The disinformation is based on the words of Julie Kozak, Director of the International Monetary Fund’s Communications Department, at a press conference on 16 May 2024. In response to journalists’ questions about the possible use of Russian assets to support Ukraine, Kozak said that the IMF insists on carefully studying this decision and its consequences.
«So, our position on the issue of Russian assets remains unchanged, which is that it is for the relevant courts and jurisdictions to determine. But what is important for the Fund, for us, is that any action that is taken has sufficient legal underpinnings and does not undermine the functioning of the international monetary system», Kozak said.
An identical statement was expressed on behalf of the International Monetary Fund on 7 May 2024 by Gita Gopinath, First Deputy Managing Director of the IMF. She said that the Fund was following discussions on the potential use of Russian state assets to support Ukraine: «for the IMF, it is important that any action has sufficient legal underpinnings and does not undermine the functioning of the international monetary system», Gopinath said.
Thus, the Fund did not say that the IMF opposes the transfer of assets to Ukraine and did not make statements that such actions would necessarily undermine the international monetary system. IMF representatives urged countries with frozen Russian funds to consider the legal and economic risks before making a final decision.
In January 2024, the IMF noted that the decision to transfer Russian assets or interest on them to Ukraine should be made by the countries where Russia’s frozen funds are located. The IMF’s assessment will depend on what specific actions are taken by these countries. As no final decision has been made yet, there is no comment on any economic impact on the international monetary system or individual economies.
In response to Russia’s aggression against Ukraine, the US, EU and a number of other countries froze Russian assets worth about $300 billion placed in Western banks. Governments are considering legal authority to use these funds for reconstruction and other needs of Ukraine. G7 finance ministers are expected to decide on how to dispose of these funds at a meeting on 24-25 May 2024. Read more in StopFake’s pieces Fake: UN General Assembly Legalizes Robbing Russia and Manipulation: Switzerland Refused to Transfer Frozen Russian Assets to Ukraine.
