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Montevideo, August 14th 2022 - 11:41 UTC

 

 

Economic sanctions “destroy bridges” and stimulate “economic wars”, minister Guedes

Friday, April 22nd 2022 - 09:19 UTC
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“We are against war and against the economic consequences which are the sanctions”, underlined the Brazilian economy minister “We are against war and against the economic consequences which are the sanctions”, underlined the Brazilian economy minister

President Jair Bolsonaro Economy minister, Paulo Guedes said that Brazil clearly condemns the Russian invasion of Ukraine but is point blank against imposing economic sanctions on Moscow, a close BRICS partner.

The minister who favors open markets and selling government assets to the private sector insisted Russia should not be expelled from multilateral organizations such as the IMF and the World Bank, since it would “destroy bridges” and stimulate a disastrous economic war.

Guedes who was addressing a conference organized by the Center of Strategic and International Studies (a think tank linked to George Washington University in Washington DC), said “we are against war and against the economic consequences which are the sanctions”.

Russia has officially requested Brazil support in the IMF, World Bank and G20 to help counter the paralyzing sanctions imposed by the West since Moscow invaded Ukraine triggering a conflict of over two months.

Guedes also pointed out that Brazil is a crucial global partner to ensure energy and food security, which have been seriously curtailed as a consequence of the Eastern Europe conflict.

The Chicago School minister also mentioned that this is the right moment for Brazil to access the Organization of Economic Cooperation and Development and to conclude the free trade agreement between the European Union and the South American block of Mercosur.

If the agreement is not made effective, Brazil will increase trade with Asia and the Middle East, Guedes anticipated. Several EU countries question Brazil's record in environmental policy and also fear the market strength of the agriculture power the country has become. Brazil is among the world's leading exporter of soybeans, cereals and proteins.

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