The World Bank assessed the consequences of sanctions against Russia for global GDP

Sanctions against Russia will have a greater impact on the global economy than the situation in Ukraine, said the HEAD of the World Bank, David Malpass. He stated this at an event organized by The Washington Post.

Malpass said that because of the military actions in Ukraine, global GDP is facing “immediate short-term impact”, but the impact on it of restrictive measures against Russia will be more serious.

The consequences of the sanctions are serious for Russia and "will spread to the population of the country as a direct result of the devaluation of the ruble," said the head of the World Bank.

Against the background of the events in Ukraine, the imposition of sanctions by Western countries (the assets of the Central Bank, large banks, including VTB and Sberbank, certain sectors of the economy, as well as a number of businessmen, politicians and officials, were subject to restrictive measures), Moscow’s response to them international rating agencies Fitch, Moody's and S&P began to sharply reduce Russia's ratings. Finance Minister Anton Siluanov accused Western countries of launching a "financial and economic war" against Russia and trying by all means to restrict foreign trade and EXPORT of goods to the country, which is detrimental to the global economy.