Finance Minister Hong Nam-ki joined the U.S. and other allied nations in boycotting a speech made by the Russian representative during a session of the International Monetary Fund, in protest of Moscow's invasion of Ukraine.

Speaking to South Korean media outlets in Washington on Thursday, Hong said two-thirds of the participants walked out of the International Monetary and Financial Committee(IMFC) meeting when the Russian finance minister began his virtual address.

Ministers from 12 countries, including all of the Group of Seven nations, and heads of four international agencies had walked out. Representatives from six other countries including Spain, India and Switzerland remained.

Hong, who did not join the U.S., Britain and other countries in boycotting the Russian minister's speech during the previous day's Group of 20 ministerial meeting, said the involved parties had not fine-tuned the walkout in advance.

The policymaking IMFC, meanwhile, put forth a Global Policy Agenda, in which it assessed that the global economic recovery is losing momentum due to fallout from the Ukraine war.

In response to inflation and aggravated supply chain disruptions, the international body called for liquidity support for vulnerable economies and increased monitoring of their structural reforms.