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

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.