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.