Russia has turned to China and Saudi Arabia for help in reinstating its membership in the Financial Action Task Force (FATF) and in securing guarantees from the group that new restrictions would not be placed on the country. The appeal, reported by Bloomberg, reflects Moscow’s effort to rebuild its standing within a global body that shapes how countries monitor and combat money laundering and financing of illicit activities. The request appears framed not only as a recovery of voting rights within FATF, but also as a broader assurance that Russia can reengage with international financial norms without facing incremental penalties that could complicate its economic and diplomatic ties.
The FATF’s next plenary is scheduled for October 2023, a gathering that typically considers member compliance, strategic directions, and steps toward renewal or suspension. Russia’s outreach is being seen in the context of allied support from fellow BRICS members and others within the FATF framework who influence consensus on issues of geopolitical and financial policy. The move underscores Moscow’s belief that a multilateral decision within FATF could help secure a more predictable environment for its finances and trade relationships while it navigates sanctions and global scrutiny.
Russia was removed from FATF’s grey list in February 2022 but has not been placed on the organization’s blacklist thanks to vetoes cast by key members, notably China and India. The contrast with North Korea and Iran, both officially blacklisted, illustrates how geopolitical alliances and diplomatic leverage can shape FATF outcomes. Moscow’s current strategy suggests that Russia seeks a controlled reintegration path that avoids harsher penalties while advocating for a standards-based approach to financial integrity and transparency.
As the FATF’s leadership and advisory roles evolve, there is recognition that Russia’s ongoing military actions in Ukraine influence the organization’s assessment of Moscow’s compliance and risk profile. The FATF’s decisions around Russia are part of a larger conversation about how states balance national security concerns with international financial norms, and how these decisions affect cross-border trade, international banking, and the ease of doing business for Russian actors involved in legitimate commerce.
Observers note that Moscow has long warned various states about the consequences of FATF-related blacklisting, arguing that such measures can have broad, ripple effects on global markets, investment flows, and economic cooperation. Critics, however, emphasize that adherence to FATF standards is essential for curbing illicit finance and ensuring the integrity of the global financial system. The tension between political maneuvering and financial compliance highlights the complex terrain that Russia must navigate to restore formal ties with FATF while addressing concerns raised by partners and opponents alike.
In this diplomatic maneuvering, Kremlin officials have at times framed their discussions around broader themes of strategic partnership, economic diversification, and regional cooperation. The relationship with Africa and Russia’s potential alignment in financial governance are cited by supporters as a pathway to mutual benefit, though skeptics caution that real progress will depend on Russia demonstrating sustained, verifiable improvements in compliance and transparency. The evolving dynamics at FATF will likely influence not only Russia’s status but also the broader expectations for how major economies engage with global standards on financial crime prevention and the responsible management of cross-border capital flows. (Bloomberg)”