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The United Nations disclosed that in 2022 it initiated the opening of a Russian bank account due to complications arising from Western sanctions affecting conventional payment channels. The UN has received membership fees from three Russian banks for a climate funding program through the account, Reuters reports.
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The United Nations said it opened a Russian bank account in 2022 as Western sanctions complicated the use of normal payment channels and has received membership fees from three Russian banks to a U.N. climate funding programme since then. Sovcombank, one of Russia's 13 most important credit institutions according to the central bank, on Monday said the U.N. had opened an account with an undisclosed, non-sanctioned Russian lender, to allow for transactions in roubles. "There has been a Russian bank account opened by the U.N. Secretariat, consistent with our policy to assist all member states to pay their assessed contributions, failing which they lose their right to vote," a U.N. spokesperson said.
When bilateral talks fail to resolve disputes between sovereign countries, aggrieved parties may turn to an international judicial body, such as the International Court of Justice (ICJ) in The Hague. Similarly, the World Trade Organization’s (WTO) articles, which underpin the international trading system, outline procedures for member countries to follow when trading partners violate the organization’s rules, particularly the most-favored-nation principle. When former U.S. President Donald Trump, citing national-security concerns, imposed tariffs on steel and aluminum imports, many of the United States’ trading partners viewed this as a fig leaf for protectionism and filed complaints with the WTO.