Lithuanian central bank slams IMF's move to resume ties with Russia

VILNIUS – The Bank of Lithuania on Tuesday condemned the International Monetary Fund's decision to resume economic consultations with Russia, saying that it fully supports the position voiced in a protest letter by the Baltic, Nordic and Polish finance ministers.

Gediminas Simkus, the central bank's governor and Lithuania’s representative on the IMF Board, said in a statement that Russia, as an aggressor country, should not receive IMF advice on how to bolster its economy and financial system.

"The IMF is the key international institution providing financial assistance to member countries facing balance of payments problems, including Ukraine," he noted.

The IMF announced in early September that it will send its first mission to Russia since February 2022 in October.

The Lithuanian Finance Ministry said last Friday that the finance ministers of Lithuania, Latvia, Estonia, Finland, Sweden, Norway, Iceland, Denmark, and Poland have urged IMF Executive Director Kristalina Georgieva to reconsider the decision.

In their joint letter, the ministers emphasized that if the IMF resumes its missions to Russia, it will be the first international financial institution to renew cooperation with the Kremlin since the start of the full-scale war against Ukraine in February 2022.