Some economists warn that a total ban on exports to Russia by Western nations could intensify the global financial crisis. This view was expressed by Vladimir Grigoriev, a Candidate of Economic Sciences and a financial expert, in an interview with Lenta.ru. He argues that such restrictive measures would drive up the prices of many goods and create price distortions in global markets. In his assessment, Western economies could suffer because Russia is a key consumer of a wide range of goods produced worldwide, including those in Western markets themselves.
Grigoriev warned that the crisis might become sharper and more prolonged, with consequences that could ricochet back to Western economies. He emphasized that the economic impact would be serious and broad, affecting inflation, supply chains, and consumer prices in multiple countries across North America and Europe.
News outlets in the prior day reported that the G7 nations — including the United States, Canada, the United Kingdom, France, Germany, Italy, Japan, and others — were considering near-total bans on exports to Russia. Such a move would mark a drastic tightening of sanctions and could reshape global trade patterns in the near term.
At the start of April, Dmitry Peskov, the Kremlin’s press secretary, stated that Moscow is closely watching the evolving restrictions imposed by the G7 and is evaluating their possible impact. He underscored the importance of monitoring developments to understand how Russia’s economy might respond to further external pressures.