As geopolitical fault lines in Europe reappear, the International Monetary Fund’s role is beginning to shift. The IMF has always been a factor in international politics, but over the past two decades, when there have been few fundamental geopolitical fault lines, the IMF was not forced to align itself with specific blocs. However, as Europe faces multiple crises, including mounting debt and the Ukraine issue, the IMF is being forced to take sides and is moving toward furthering Western geopolitical goals.
Yesterday, the IMF decided to amend its rules on arrears to official creditors, in effect allowing Ukraine to continue receiving assistance from the IMF even if Kiev defaults on its $3 billion loan to Russia. The U.S. is the largest member of the IMF, in terms of monetary contribution, and this translates into a high voting quota, the equivalent of 16.74 percent of total votes in the IMF’s Board of Governors. Russia holds only 2.39 percent. The IMF has already over the past yea