Financial Diplomacy in the Sphere of International Currency Relations

The article examines key aspects of financial diplomacy during the creation and development of the Bretton Woods monetary and financial system (1944–1971) with an emphasis on the participation of the USSR in international negotiations. It analyzes the role of the Soviet delegation headed by M. S. Stepanov in developing the terms of the agreements, including issues of quotas, currency sovereignty, and conditions for participation in the IMF and IBRD. Particular attention is paid to the differences between the positions of the United States, Great Britain, and the USSR, as well as the reasons for the Soviet Union’s refusal to ratify the statutory documents of the Bretton Woods institutions. It shows the diplomatic logic of creating alternative financial mechanisms within the CMEA and the long-term consequences of the USSR’s withdrawal from the Western monetary architecture.