Bank of England Governor Andrew Bailey participated in a coordinated walkout of international finance leaders who left an International Monetary Fund meeting in protest against Russian involvement. Bailey joined counterparts from France, Germany, and several Scandinavian and Baltic nations who walked out of the session in Bangkok when Russian Finance Minister Anton Siluanov addressed the group. The Bank of England subsequently confirmed that Bailey took part in the demonstration.
Joachim Nagel, the president of the German Bundesbank, stated that nearly half of all delegates joined the joint departure as soon as Siluanov began speaking. A European diplomat told the Reuters news agency that the conflict in Ukraine is an existential matter for Europe and emphasized that relations with Russia cannot be normalized.
The protest was formally acknowledged by the chair of the IMF steering committee, Saudi Finance Minister Mohammed al-Jadaan. Al-Jadaan noted that the delegates attended for a specific purpose and achieved their goals, pointing to a consensus steering committee statement agreed upon by all members.
Ahead of the event, Germany cautioned against attempts to reintegrate Russia onto the international stage, following Siluanov's participation in a G20 finance ministers and central bankers gathering earlier in the year. Meanwhile, the United States expressed a differing stance, with Treasury Undersecretary Erin Browne telling Reuters that Washington supported Russia's presence despite European reservations.
During the meetings in the Thai capital, participants discussed findings that the global economy has demonstrated notable resilience despite the ongoing war between Russia and Ukraine, as well as disruptions near the Strait of Hormuz stemming from a US bombing campaign.
Nevertheless, al-Jadaan cautioned against complacency amid high public debt levels and elevated bond market rates. In a post-meeting statement, he noted that while the global economy has weathered recent shocks better than anticipated, economic buffers have worn thin and resilience cannot be taken for granted. He warned that escalating conflicts and trade tensions could further disrupt crucial trade routes, intensify commodity and refined energy price pressures, and threaten global energy and food security.