Brazil’s Economy Minister condemns war in Ukraine, but is against economic sanctions on Russia

The Minister of Economy of Brazil, Paul Guedessaid on Tuesday that the country clearly condemns the invasion of Russia a Ukrainebut that it is against the economic sanctions imposed on Moscow, showing that it will not take a hard stance against its BRICS partner.

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Speaking at an online event organized by the Center for Strategic and International Studies, Guedes said Russia should not be kicked out of multilateral bodies, such as the International Monetary Fund and the World Bank, which would “destroy bridges” and “spur war.” economic”.

“We are against the war and against the economic consequences of the war, which are the sanctions,” said Guedes.

Russia has asked Brazil for support at the IMF, the World Bank and the G20 group of major economies to help it counter crippling sanctions imposed by the West since it invaded Ukraine, according to a letter seen by Reuters.

Amid disruptions to global food and energy supply chains in the wake of the conflict in Eastern Europe, Guedes stressed that Brazil is a key player in ensuring the security of both markets.

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According to the minister, the moment is perfect for the country to join the Organization for Economic Cooperation and Development (OECD) and for the trade agreement between Mercosur and the European Union to be concluded, or else Brazil will increase exports to Asia and the Middle East.

The EU and the South American bloc Mercosur agreed on a free trade agreement in 2019, but it has yet to be signed. Some European countries have questioned the agreement citing poor environmental governance by the government of President Jair Bolsonaro.

Source: Elcomercio

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