The Russian foreign minister says the risk has encouraged the creation of global financial mechanisms free from Western control
The West could unleash illegal economic sanctions against any country at any time, Russian Foreign Minister Sergey Lavrov has warned. The diplomat claimed that this risk is all the more real given the West’s “agony” at the moment.
On Wednesday, Lavrov stated that any country could find itself at the receiving end of the illegal “sanctions baton” at any moment.
According to the minister, this situation is “stimulating the creation of inter-bank interaction mechanisms outside of Western control.” The official added that nations wishing to ensure their independence are also investing into the establishment of new international transport corridors and production chains.
During his annual address to the Federal Assembly late last month, Russian President Vladimir Putin argued that the “West itself is discrediting its own currencies and banking system. They’re sawing off a branch they’ve been sitting on for decades.”
Citing the growing global trend of using national currencies in trade rather than the US dollar, the Russian leader said that Moscow, together with like-minded nations, was developing a new global financial network “free from political interference.”
Also in late February, the Russian Presidential Academy of National Economy and Public Administration (RANEPA) concluded that the West had exhausted its arsenal of sanctions, with any further major restrictions likely to backfire badly. The study’s authors said that Russia’s economy was firmly on track to resume growth and was deepening cooperation with countries like China.
Ahead of the 2nd anniversary of the conflict between Kiev and Moscow, the EU unveiled its 13th package of sanctions, with the US, the UK, and several other nations doing the same.
