Democracy, Authoritarianism and Global Economic Governance

Bibliographic Data

ID5846775
AuthorsJohanna Gautier Morin (0000-0003-2633-591X, European University Institute, corresponding author)
Year2024
Volume34
Issue2
Pages1-12
Publication date2024-01-09
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueContemporary European History (JOURNAL)
Journal identifiersISSN: 0960-7773 • E-ISSN: 1469-2171
PublisherCambridge University Press (CUP) (PUBLISHER)
DOI10.1017/s0960777323000656
OpenAlexW4390769510
LanguageEN
References cited45

Four weeks after Russia's invasion of Ukraine, US Senator John Kennedy accused the Biden administration of indirectly providing over $17 billion to Moscow as Putin was gearing up for war. In August 2021, the International Monetary Fund had indeed approved a historic $650 billion allocation of Special Drawing Rights to help member countries struggling with the Covid crisis. Russia benefited from these money transfers, as did Iran, China, and Myanmar, notwithstanding the authoritarian consolidation of these regimes. Kennedy's op-ed sparked a debate about the lack of transparency in the use of crisis resources and led to the adoption in the United States of the 'Russia and Belarus SDR Exchange Prohibition Act', which bans currency transactions with these countries through the IMF, following the imposition of 2,500 sanctions by the US Treasury since February 2022. The op-ed also reignited a decades-old debate over whether international organisations such as the IMF, World Bank and World Trade Organisation (WTO) should be held accountable for supporting authoritarian and corrupt governments or interfering in the politics of sovereign nations

Treasury · Economic Issues in Ukraine · International Development and Aid · State Capitalism and Financial Governance

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