Finance minister: ‘Time to cut Russia out of global financial system’

The Kyiv Independent news desk
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Vladimir Putin’s Russia made “a total mockery of the rules-based international order,” Ukraine’s Finance Minister Serhii Marchenko said in his op-ed for the Financial Times.

The EU, G7, and other nations should recognize “the risks Russia poses to the integrity of the global financial system,” Marchenko wrote.

The members of the global money laundering and terrorist financing watchdog, FATF, will gather on Feb. 24, the anniversary of Russia’s full-scale invasion of Ukraine.

“FATF has 37 member states. These include Russia, despite evidence of the country failing to meet FATF standards,” Marchenko wrote.

Marchenko said Russia is doing everything possible to undermine the global system.

“The international order can only survive if the rules are followed. We have powerful mechanisms available to enforce these rules. The time has come to use them,” Marchenko wrote.