Natwar Singh, who had to resign from the Union cabinet in the wake of UN-appointed Volcker Committee report, on Wednesday attacked the world body, terming it as a 'quasi-bankrupt' organisation with no ability to carry out its political responsibilities efficiently.

He also targeted the US for its role in the UN and said there was 'virtually no balance of power in decision-making'.

"The UN is not financially sound, so it can't be politically sound as well," Singh said while releasing a book Horseshoe Table authored by veteran diplomat and India's Special envoy to Middle East Chinmaya R Gharekhan on the United Nations Security Council.

"It (UN) is a quasi-bankrupt organisation," the former external affairs minister charged, adding, "The P-5 (five Permanent members of the Security Council) take decisions and the decision they announce are taken beforehand."

He accused the world powers of avoiding the Security Council over key international issues.

"The major issues have not been referred to the Security Council. Issues like Vietnam, Berlin and Iraq are such examples."

Singh attributed the United States' massive influence to what he called the collapse of the Soviet Union and British, French and Portuguese empires.