Financial sanctions will drive Russia into a deep recession and may change the economic order of the world
13:55
The unprecedented Western sanctions against Russia will harm the global economy and will lead to a deep recession in Russia, the first deputy managing director of the International Monetary Fund Gita Gopinath said in an interview with Canadian public television CBC.
The economist emphasized that the IMF has no tools to directly punish Russia for invading Ukraine because the institution has no active programs in this country. However, she added that it was possible to remove Russia from the World Trade Organization.
However, the sanctions will not only affect Russia.
"The longer it takes, the more likely we are to experience major changes in the global order," she said.
According to the CBC, the IMF last week approved $1.4 billion in emergency financing for Ukraine. According to Gopinath, this money will help with urgent shortages of the most basic goods and repair of infrastructure.
