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Kremlin warns of global economic crisis

Anti-Russian sanctions hit the global economy too, bringing it closer to a failure, Dmitry Peskov has said

Current and future economic restrictions imposed against Russia are ricocheting into the world economy, pushing it closer to experiencing serious troubles, Kremlin spokesman Dmitry Peskov said on Friday, commenting on the proposal of near-total export embargo reportedly considered by G7 members.

“We realize that the US and nations in the EU are considering new, additional sanctions,” the Russian official stated, when asked by the media about the embargo idea.

“All sanctions, which have been imposed on our nation, and new extra moves, which may be under consideration at the moment in Brussels and Washington, will certainly hit the world economy too,” he added. “That can only exacerbate the trends towards a world economic crisis.”

Bloomberg reported on Thursday that G7 nations are finalizing a proposal for a blanket ban on exports to Russia, unless a waiver is granted. Exceptions may be offered to medicines, food, and agricultural products, the news agency’s sources said.

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G7 mulling near-total ban on exports to Russia – Bloomberg

The seven industrialized nations are trying to get all members of the EU onboard with their plan, Bloomberg said. The club includes Canada, France, Germany, Italy, Japan, the UK, and the US, three of which are also members of the European bloc.

The EU joined the US-led effort to punish Russia with economic sanctions over the conflict in Ukraine and imposed 10 rounds of its own restrictions. But it ran out of options for further moves, with the next round in the making reportedly focused on enforcement.

Meanwhile, member states faced public discontent over the toll the policy took on their own economies. The push to decouple from the Russian market spurred inflation in the EU, mudged European manufacturers not to sell their products in Russia, and undercut revenues from Russian tourists, among other things.

Peskov noted that Moscow was “adapting” to the unprecedented Western pressure and made development plans that accounted for the threats posed by such policies.

April 21, 2023 at 06:58PM

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