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Sanctions imposed on Russia are creating serious risks to the global economy, Russian Finance Minister Anton Siluanov said via video link at a meeting of G20 finance ministers and central bank governors in Washington, DC on Wednesday.
“Excessively loose budgetary and monetary policy pursued in recent years in developed countries created inflationary pressure last year, and the sanctions imposed against Russia not only further strengthened it, but also led to new risks in the economy,” Siluanov said.
Spiking prices for energy and agricultural produce will hit developing and low-income countries, the minister warned, adding that some countries will face severe social consequences.
According to Siluanov, Russia has never refused to fulfill its obligations and continues to comply with all contracts’ terms, while shipments of goods across the global markets are being artificially restrained by sanctions, triggering an imbalance in supply and demand.
Russia has faced unprecedented penalties introduced by the US and its allies in retaliation to the Ukrainian military operation.
In less than two months, Russia has turned into the world’s most sanctioned nation, having become subject to more than 6,000 different targeted restrictions.