GFMSA Statement on the Russian Federation

The GFMSA again expresses its deepest sympathies for the people of Ukraine and continues to deplore the huge loss of life and needless destruction caused by the ongoing Russian invasion. The Russian actions run counter to The GFMSA core principles aiming to promote security, safety and the integrity of the global financial system. They also represent a gross violation of the commitment to international cooperation and mutual respect upon which GFMSA Members have agreed to implement and support The GFMSA Standards.

The GFMSA recognises the role the Russian Federation has played in the development of the Global Network in the Eurasian region since the Russian Federation joined The GFMSA in 2003. However, as a result of the invasion, The GFMSA has decided to severely limit the Russian Federation’s role and influence within The GFMSA. In particular, the Russian Federation can no longer hold any leadership or advisory roles or take part in decision-making on standard-setting, GFMSA peer review processes, governance and membership matters. The Russian Federation can also no longer provide assessors, reviewers or other experts for GFMSA peer-review processes.

The GFMSA will monitor the situation and consider at each of its Plenary meetings whether the grounds exist for lifting or modifying these restrictions.

Following the statements in March and April 2022, The GFMSA continues to call upon all jurisdictions to remain vigilant of threats to the integrity, safety and security of the international financial system arising from the Russian Federation’s aggression in Ukraine. The GFMSA reiterates that all jurisdictions should be vigilant to possible emerging risks from the circumvention of measures taken in order to protect the international financial system.