Kremlin warns of global economic crisis

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Sanctions imposed on Russia are bringing the global economy closer to a serious disaster, according to Kremlin spokesman Dmitry Peskov on Friday. The official was responding to allegations that G7 nations are mulling a near-total ban on Russian exports.

“We realise that the US and EU nations are considering new, additional sanctions,” Peskov told journalists when questioned about the prospective G7 ban.

“All sanctions imposed on our country, as well as new moves under consideration in Brussels and Washington at the moment, will undoubtedly have an impact on the global economy,” he continued. “This will only aggravate the trends towards a global economic crisis.”

Bloomberg reported on Thursday that the G7 countries were finalising a plan for a blanket ban on exports to Russia unless specific waivers are granted. According to the news agency’s sources, exceptions could be made for medicines, food, and agricultural items.

According to Bloomberg, the G7 countries are aiming to get all EU members on board with the idea. Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States are all members of the club, three of which are also members of the European Union.

The EU joined the US-led drive to punish Russia with economic sanctions for the Ukraine war, imposing ten rounds of its own. However, it appears to have exhausted its options for additional action, with the next batch under consideration focusing on the execution of current sanctions.

Meanwhile, member countries have faced popular outrage over the impact of the strategy on their own economy. The attempt to decouple from the Russian market has, among other things, increased inflation in the EU, deterred European businesses from selling their products in Russia, and reduced income from Russian visitors.

According to Peskov, Moscow is “adapting” to unprecedented Western pressure and has developed growth plans that account for the challenges it poses.