Russia has warned that existing and new anti-Russia sanctions imposed by the U.S. and other Western countries will lead to a global economic crisis. “Both the current sanctions that have been imposed against our country and the new additional steps that Brussels and Washington are probably thinking about now will hit the global economy hard,” the spokesperson for Russian President Vladimir Putin said.

Sanctions Will Lead to Global Economic Crisis, Says Russian Official

Russian President Vladimir Putin’s press secretary, Dmitry Peskov, told reporters on Friday that anti-Russia sanctions will have a detrimental impact on the global economy, with the potential to spark a global economic crisis.

“We proceed from the fact that in any case, both the current sanctions that have been imposed against our country and the new additional steps that Brussels and Washington are probably thinking about now will hit the global economy hard,” Putin’s spokesperson was quoted by Tass publication as saying. He added:

This can only lead us down a path towards a global economic crisis.

The Group of Seven (G7) countries are reportedly considering a near-total ban on exports to Russia. Despite already halting exports of various items, such as military-related products and luxury goods, the new measures being considered may widen the trade embargo to include used cars, tires, cosmetics, and apparel.

Responding to a question about the G7 countries considering new anti-Russia sanctions, Peskov said: “Of course, we are monitoring this very carefully, of course, we are aware that the United States and EU countries are actively considering new additional sanctions. We must not forget that no country in the world has ever faced sanctions to such an extent as we have. Therefore, we adapt, develop, engage in long-term development plans and take into account the dangers that lie behind such thoughts of our opponents.”

Meanwhile, the BRICS nations — which comprise Brazil, Russia, India, China, and South Africa — are working on creating a common currency that would reduce their reliance on the U.S. dollar. Russian Foreign Minister Sergey Lavrov said Thursday that Russia is ready to take part in the discussions on the creation of a BRICS currency.

Do you think anti-Russia sanctions will lead to a global economic crisis? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.