At IMF summit, Bank of England governor walks out in protest against Russia's role

Leaders leave the session

Bank of England governor Andrew Bailey was among finance leaders who walked out of an International Monetary Fund meeting in Bangkok. They left in protest against Russian involvement after Russia’s finance minister addressed the group.

A European diplomat told Reuters that the war in Ukraine was existential for Europe. The report did not identify the diplomat.

Chair acknowledges the walkout

Mohammed al-Jadaan, Saudi Arabia’s finance minister and chair of the IMF steering committee, acknowledged that the walkout had taken place. Germany had cautioned against moves to restore Russia’s place on the international stage. Russia’s finance minister, Siluanov, had also attended a G20 meeting of finance ministers and central bankers this year.

Economic resilience under scrutiny

The Bangkok meeting heard that the world economy had shown notable resilience despite the war between Russia and Ukraine. Discussions also referred to difficulties around the Strait of Hormuz linked to the US bombing campaign.

After the meeting, al-Jadaan said the global economy had handled recent shocks better than expected. He added that economic buffers had weakened and resilience could not be assumed.