BRICS: Sanctions Against Russia To Instigate Global Economic Crisis

Sahana Kiran
Source – Unsplash

Sanctions on any of the BRICS countries, including Brazil, Russia, India, China, and South Africa, might represent a setback in these nations’ efforts to reduce their reliance on the U.S. dollar. It looks like it might cause much more than just a hit to de-dollarization. Vladimir Putin’s spokesperson claimed that the new and current sanctions might harm the world economy.

More recently G7 nations revealed that they were thinking of prohibiting almost all exports to Russia. Over the weekend, Dmitry Peskov, Putin’s press secretary, highlighted how anti-Russian sanctions negatively impact the global economy. Speaking to Tass, Peskov said,

“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.”

He further believed that this move could instigate a global economic crisis.

‘No country in the world has faced sanctions to such an extent’- Russia

The U.S. and several other nations have been imposing stringent sanctions on Russia due to its war against Ukraine. The latest restrictions under consideration by G7 may expand the trade embargo to cover used automobiles, tires, cosmetics, and clothing in addition to the current ban on exports of a number of categories, including luxury goods and military-related products. Addressing the possibility of more 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.”

Russia, however, cannot sit still with these sanctions flying around. Peskov added,

“We adapt, develop, engage in long-term development plans and take into account the dangers that lie behind such thoughts of our opponents.”