Moscow's representative to the World Bank said Russia was negotiating with allies to challenge the U.S. nomination for the bank's president.

(Reuters file photo)

[Financial Channel/Comprehensive Report] Moscow's representative to the World Bank (World Bank) said on Tuesday (7th) that Russia is negotiating with its allies to challenge the US-nominated World Bank president, a move that may complicate what was expected to be a smooth succession process .

Russia remains a voting member of the World Bank, although the World Bank halted all projects in Russia and Belarus last March following Moscow's invasion of Ukraine, Reuters reported.

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World Bank executive director Roman Marshavin, who represents Russia and Syria, said the list of potential candidates and negotiations were still ongoing and a decision would be made in Moscow, without giving details.

The news was first reported by Russian state news agency TASS, which Mashavin told TASS that discussions with other countries about possible candidates, including Russian financiers, foreign economists, former heads of international organizations, and several former Finance ministers and central bank governors.

The current World Bank President David Malpass (David Malpass) announced last (February) that he will step down early before his term expires in 2024.

U.S. President Joe Biden subsequently nominated former Mastercard CEO Ajay Banga as his candidate to succeed the president of the World Bank in the same month.

Peng Anjie said last week that he has now won the support of India, Ghana and Kenya.

At the Group of 20 (G20) finance ministers meeting held in February, Peng Anjie also received positive comments from France and Germany, and received support from Bangladesh on Tuesday (7th).

The U.S. Treasury declined to comment on potential challenges from Russia.

While the World Bank has until March 29 to accept nominations from other countries, Biden's nomination is all but certain that Anjie Peng will fill the position.

Since its founding at the end of World War II, the World Bank has been led by a U.S. nominee with the largest shareholding.

A challenge from Russia or its allies is unlikely to change the outcome given the bank's ownership structure, but reflects tensions surrounding the bank and other financial institutions between the United States and the West, Russia and the bank's third-largest shareholder, China.

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