The accession of the Russian Federation and twelve other former Soviet republics to the International Monetary Fund (IMF) and the World Bank in April 1992 represented a crucial moment in the post-Soviet transition. With the Soviet Union's collapse, these newly independent states faced economic instability, hyperinflation, and the urgent need for reform. The membership not only granted these nations access to vital resources but also facilitated the adoption of policies for economic liberalization and structural adjustment. By joining the IMF and World Bank, these countries aimed to stabilize their economies and attract foreign investment, which was essential for rebuilding their economies.

The decision to join these institutions was part of a broader strategy to establish relationships with Western economies. For many of these nations, aligning with the IMF and World Bank symbolized a commitment to economic reform and a departure from the centrally planned economic model of the Soviet era. The assistance programs offered by these organizations included loans and financial aid, contingent upon the implementation of specific economic policies aimed at liberalization, privatization, and stabilization.

The accession was marked by significant negotiations and discussions within the countries involved, emphasizing the role of their leadership in facilitating this transition. The IMF and World Bank provided frameworks and guidelines on how these nations could restructure their economies to function within a global market system, fostering an environment conducive to new economic policies and reforms that were critical for their growth and prosperity.