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The move could undermine the global monetary system, according to the fund’s spokesperson Western plans to either confiscate Russia’s frozen central bank reserves directly or use the profit they generate could undermine the global monetary system, the IMF has warned.

The Brazilian and South African presidents have decided not to participate in the event, which excludes Russia, according to reports The leaders of Brazil and South Africa will not attend a conference on Ukraine to be hosted by Switzerland next month, reports have said.