The IMF’s executive board has suspended the ceremonial role of “dean”, which was held by Russia’s representative Aleksei Mozhin, following pressure from top shareholders at the multilateral lender including the US, UK and Canada.
“The executive board has decided to temporarily suspend the role of dean of the board given Russia’s role in the ongoing war in Ukraine and its potential impact on the ability of the executive director for Russia to carry out this task effectively,” an IMF spokesperson said in a statement to the Financial Times.
The role of dean — which Mozhin has held since 2015 — is a largely honorary title conferred to the longest-serving member and carries no official responsibilities or authority. At times, the dean will fill in for the managing director, who chairs the board and is responsible for convening meetings and facilitating debate.
But in the aftermath of Russia’s invasion of Ukraine, several IMF members found it unacceptable for Mozhin to carry out any ceremonial duties on behalf of the board.
By suspending the position altogether, the board will not announce a successor. The issue of whether to end the suspension will be revisited before the end of the year, said a person familiar with the situation.
Russia has grown increasingly isolated following its attacks on Ukraine, as the west has slapped the country with numerous sanctions and a number of name brands have departed the country.
IMF managing director Kristalina Georgieva last week said the multilateral lender’s office in Moscow was “not operational”. She also said the IMF had “no program relations with Russia at this point” and that it was “highly improbable” the country would be able to make use of its $17bn in special drawing rights — a form of reserve asset issued by the IMF that in effect constitutes newly minted money.
When asked whether Russia’s fund membership could be suspended, Georgieva said the country was still meeting its obligations, which are based on economic and financial criteria, and as such has not violated the lender’s articles of agreement.
Penalising Russia in this way would also require overwhelming support within the board. Russia’s share of voting power at the IMF is 2.59 per cent, compared with 16.5 per cent for the US.
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