MOSCOW, February 9. /TASS/. Russia is not advocating for the abolition of the International Monetary Fund (IMF), the World Bank, or the World Trade Organization (WTO), but it is working to ensure that the BRICS countries take their fair place in these structures, Russian Foreign Minister Sergey Lavrov said.

"We are not advocating for the abolition of the International Monetary Fund, the World Bank or the WTO. For many years, we have sought to reform these institutions so that, from the moment BRICS was established – and these countries remain the fastest-growing global economies and major trading powers – they would receive proportional votes and rights in all Bretton Woods institutions, commensurate with their actual weight in the global economy, trade, and logistics," he said in an interview with the international network TV BRICS.

"At a time when the West is losing its hegemony but continues to cling to institutions created to sustain it – institutions which can no longer reflect the real balance of power or fairness in international relations – the emergence of new structures is inevitable," the minister noted.