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Russia’s Participation in International Financial Institutions under External Sanctions: Problems and Prospects

Author

Listed:
  • Igor A. Balyuk

    (Financial University under the Government of the Russian Federation, Moscow, Russian Federation)

  • Marina A. Balyuk

    (Financial University under the Government of the Russian Federation, Moscow, Russian Federation)

Abstract

The article analyzes Russia's participation in the functioning of international financial institutions (IFIs) under external sanctions. The purpose of this study is to systematize IFIs with Russian membership, identify promising IFIs taking into account the transformation of Russia’s foreign economic relations, and develop recommendations for Russia’s further interaction with various IFIs in the context of tightening external sanctions. The research methodology includes qualitative and quantitative analysis. Qualitative analysis involves systematizing IFIs with Russian membership according to functional and geographical criteria. Quantitative analysis aims to compare various IFIs with Russian membership implementing fundamental economic and statistical indicators. Based on the results and specifics of their activities, a classification of IFIs was developed and the main characteristics of IFIs were defined. It was found that not all IFIs in which Russia participates are important from the point of view of the new paradigm of our country’s international financial relations. It is advisable for Russia to maintain its membership in most global and regional IFIs, provided that participation does not involve significant financial costs and does not imply the mandatory fulfillment of any requirements that contradict the country’s national interests. One of the key findings of the research is that within traditional IFIs it is extremely important for Russia to intensify cooperation with friendly countries (primarily with BRICS+) in order to strengthen its role and influence in the international arena.

Suggested Citation

  • Igor A. Balyuk & Marina A. Balyuk, 2025. "Russia’s Participation in International Financial Institutions under External Sanctions: Problems and Prospects," Finansovyj žhurnal — Financial Journal, Financial Research Institute, Moscow 125375, Russia, issue 4, pages 8-25, August.
    • Handle: RePEc:fru:finjrn:250401:p:8-25
    DOI: 10.31107/2075-1990-2025-4-8-25
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    References listed on IDEAS

    as
    1. Fang Ye, 2023. "The New Development Bank and the structure of the multilateral development financial system," Review of Development Economics, Wiley Blackwell, vol. 27(3), pages 1957-1972, August.
    2. Igor Alekseevich Balyuk, 2016. "Russia in global financial system," Russian Foreign Economic Journal, Russian Foreign Trade Academy Ministry of economic development of the Russian Federation, issue 12, pages 90-103, December.
    3. Hongying Wang, 2019. "The New Development Bank and the Asian Infrastructure Investment Bank: China's Ambiguous Approach to Global Financial Governance," Development and Change, International Institute of Social Studies, vol. 50(1), pages 221-244, January.
    4. Richard Clark & Lindsay R. Dolan, 2021. "Pleasing the Principal: U.S. Influence in World Bank Policymaking," American Journal of Political Science, John Wiley & Sons, vol. 65(1), pages 36-51, January.
    5. Jenice Prather-Kinsey & Francesco De Luca & Ho-Tan-Phat Phan, 2022. "Improving the global comparability of IFRS-based financial reporting through global enforcement: a proposed organizational dynamic," International Journal of Disclosure and Governance, Palgrave Macmillan, vol. 19(3), pages 330-351, September.
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    Keywords

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    JEL classification:

    • F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions
    • F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
    • G15 - Financial Economics - - General Financial Markets - - - International Financial Markets
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages

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