Bank of England Governor Joins Coordinated Walkout at IMF Summit Over Russian Presence

Bank of England Governor Andrew Bailey took part in a coordinated walkout of finance officials who exited an International Monetary Fund session in protest of Russia’s involvement.

Bailey was joined by counterparts from France, Germany, and several Scandinavian and Baltic countries. The group left the session in Bangkok when Russian Finance Minister Anton Siluanov began addressing the assembly in Russian.

The Bank of England confirmed that Bailey participated in the departure.

Joachim Nagel, president of Germany’s Bundesbank, said nearly half of all delegates joined the joint walkout as Siluanov started speaking.

“The Ukraine war is existential for us in Europe,” one European diplomat told the Reuters news agency.

“We cannot normalize relations with Russia.”

The walkout was acknowledged by Mohammed al-Jadaan, the Saudi finance minister and chair of the IMF’s steering committee.

Al-Jadaan said: “We came here for a reason, and we achieved it. Look at this chair statement; it clearly states that all members agreed to the statement, so that is what matters.”

Germany had warned against efforts to return Russia to the international stage. Siluanov attended a meeting of G20 finance ministers and central bankers earlier this year.

The United States has been supportive of Russia’s presence despite concerns from European countries, Treasury Undersecretary Erin Browne told Reuters.

The meeting in the Thai capital heard that the global economy was showing remarkable resilience despite the war between Russia and Ukraine and despite issues around the Strait of Hormuz caused by the U.S. bombing campaign.

However, al-Jadaan added that there was no room for complacency amid public debt levels and high bond market rates.

A statement from al-Jadaan after the IMF meeting said: “The global economy has weathered the latest in a series of shocks better than expected, but buffers have been eroded, and resilience cannot be taken for granted.”

He added: “Escalating conflicts and trade tensions could further disrupt critical trade routes, exacerbate commodity price pressures, including in refined energy products, and worsen energy and food security.”

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