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DOI: 10.18413/2409-1634-2022-8-3-0-2

The crisis of the global monetary
and financial architecture and the strengthening of the "Asian alternative" as a result of anti-Russian sanctions

The global monetary and financial architecture is currently in a state of deep crisis due to a number of factors, among which stands out the inability of its institutions to respond to crisis situations in a timely and independent manner. The activities of the key Bretton Woods institutions are directly dependent on the decisions and positions of Western countries. A group of Anglo-Saxon states has a particularly great influence on the decisions of these institutions, and often on the decisions of Western countries. The crisis in Ukraine has exacerbated all the existing contradictions, in connection with which it is extremely important to consider the factors that are exacerbating the crisis today, to identify the existence of an alternative to the existing global monetary and financial architecture, and also to check the existence of causal relationships between anti-Russian sanctions and the current global systemic crisis. The study proves that Asian monetary and financial institutions have the potential to partially replace classical institutions. It was also revealed that the modern monetary and financial architecture is not able to withstand crises, therefore, on a global scale, it is fragmented, and globalization cores stand out. It has been proven that Russia, which does not strictly belong to any of these cores, as well as a number of other countries in the same position, will experience pressure, attempts to divide their resources and the desire to weaken them. This phenomenon will be especially aggravated in the conditions of confrontation between these globalization cores, which will only intensify.

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