Unlike the United States, Germany, the European Union, Japan, the United Kingdom, and Canada, Argentina will not impose economic, financial, or diplomatic sanctions on Russia for its decision to invade Ukraine.
Alberto Fernandez will not convene an urgent meeting of the Community of Latin American and Caribbean Countries (CELAC), and has already ruled out a request for an extraordinary meeting of Mercosur to determine the regional forum’s position against Vladimir Putin’s illegal attack.
The President considers that “the escalation of the conflict and the cessation of hostilities must be stopped”, And that financial sanctions or economic embargo does not contribute to anything. Alberto Fernandez uses the US embargo on Cuba to strengthen his geopolitical perspective.
Argentina has concluded several investment agreements with Russia that were ratified during the presidential visit to Moscow. In the government they already know that These investments will be frozen Until the end of the global crisis that Putin launched his invasion of Ukraine.
The political decision to avoid sanctions against the Kremlin does not mean that Argentina will not suffer the blows of economic and financial decisions made in the United States and Europe.
For example: If the West moves against the Russian Direct Investment Fund, that finance the production of Sputnik V vaccines, The country will not be able to count on nine million doses that were not sent from Moscow in time.
Last December 7, Alberto Fernandez shared a working lunch with the authorities of the Russian Direct Investment Fund. It happened in Casa Rosada and Juan Manzor (Chief of Staff), Santiago Cafiero (Foreign Minister) and Martin Guzmán (Economy Minister), among other members of the Peronist government, who sided with the president.
“It was an excellent and fruitful lunch, with specific topics covered, linking each company to what they are dealing with, the possibilities they see in Argentina, and their interests to invest in the country”And reassured Eduardo Zuyin, Argentina’s ambassador to Russia.
Zuyin and Deputy Foreign Minister Pablo Titamante are Putin’s forward guard at Palacio San Martin. They influenced the president and Cafiero to ensure that Argentina did not even mention Russia in the first official statement issued at the beginning of the invasion of Ukraine.
The Secretary of the Treasury will also impose comprehensive embargo sanctions To the Russian Fund for Direct Investmenta state financial entity that acts as a sovereign monetary fund, which is supposed to attract capital into the Russian economy in high-growth sectors, “ White House spokeswoman Jen Psaki said.
But Western economic sanctions against the oligarchs in the Kremlin will not end with the Russian Direct Investment Fund and its eventual impact on the national economy.
Russia’s participation in the SWIFT system may finally be suspended.And the It moves hundreds of millions of dollars around the world.
If the United States can overcome the resistance of Germany, Italy, Hungary and Cyprus, the Secretary of the Treasury will announce that Russia will not be associated with SWIFT. In this case, Argentina will suffer its share of global sanctions because it will not be able to carry out financial operations with buyers and sellers of goods operating from Moscow.
When describing his foreign policy, the head of state alludes to the multilateral agenda and its impact on the international stage. Alberto Fernandez leads the Community of Latin American and Caribbean Nations, and Argentina is a full member of Mercosur and a founding member of the Organization of American States.
However, The President has no intention of convening the Community of Latin American and Caribbean Nations to condemn the Russian invasion of Ukraine,He ruled out a request for an emergency meeting of Mercosur because of Moscow’s refusal And the He showed a lukewarm attitude when Putin’s illegal actions were discussed yesterday at the Organization of American States.
Alberto Fernandez chose a supposed geopolitical equivalence between the United States, Europe and Japan, when he was still negotiating with the International Monetary Fund (IMF). Without Biden there is no agreement, default at the end of March.
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