The International Monetary Fund warns of the negative impact of Russian sanctions on the global economy

The International Monetary Fund (IMF) warned in a statement issued on Saturday that severe Western sanctions against Russia would have a significant impact on the global economy and financial markets.

The International Monetary Fund (IMF) said in a statement that sanctions against Russia would also have a significant impact on the global economy and financial markets and would spread to other countries.

The global institute also stressed that in many countries, in the midst of already rising price pressures, the crisis is creating an unfavorable shock to inflation and stagnation in economic activity.

The sanctions against the central bank of the Russian Federation will severely restrict the bank’s access to international reserves to support its monetary and financial system, the statement said. International sanctions against Russia’s banking system and the banning of a number of banks from Swift have significantly hampered Russia’s ability to receive its export funds, import payments and cross-border financial transactions.

“While it is too early to predict the full impact of these sanctions, we are already seeing a sharp decline in the value of assets as well as the exchange rate of the ruble,” the fund added.

Tasnim