Russia has warned its international counterparts of the potential for a global economic crisis if the U.S. and other Western powers continue imposing anti-Russia sanctions. Dmitry Peskov, President Vladimir Putin’s press secretary, outlined the statement on Friday, highlighting that any new or existing sanctions being imposed would have a damaging outcome on an international level. Peskov pointed to the huge number of sanctions that Russia has been subject to as evidence that this is an issue requiring attention.

The recent consideration of a near-total ban on exports to Russia by the Group of Seven (G7) countries has further voracious Putin’s concerns. The current sanctions impact a variety of items, such as military-related products and luxury goods, but the new measures may extend to the likes of used cars, tires, cosmetics, and apparel.

Russia has also seen an effort develop to reduce its reliance on the U.S. dollar. Ministers of the five BRICS countries, each being Brazil, Russia, India, China and South Africa, have discussed the possibility of creating a common currency to reduce the necessity for the dollar for international trade. Russian Foreign Minister Sergey Lavrov further articulated that Russia would be ready to join the discussions for the currency’s creation.

Though certain measures are being proposed and discussed, a consensus on alleviating the effect of anti-Russia sanctions has yet to be reached. If a satisfactory solution isn’t reached, a global economic crisis as a result of the severe restrictive measures cannot be ruled out. All countries remain susceptible to the strings of anti-Russia sanctions, and should focus on looking for viable solutions to the crisis that does not have negative effects if implemented.



Other News from Today