WASHINGTON, March 5. /TASS/. Tough sanctions against Russia will have a significant impact on the global economy and financial markets, the International Monetary Fund (IMF) said in the statement released on Saturday.
"The sanctions on Russia will also have a substantial impact on the global economy and financial markets, with significant spillovers to other countries," IMF said. "In many countries, the crisis is creating an adverse shock to both inflation and activity, amid already elevated price pressures," according to the document.
"The sanctions announced against the Central Bank of the Russian Federation will severely restrict its access to international reserves to support its currency and financial system. International sanctions on Russia’s banking system and the exclusion of a number of banks from SWIFT have significantly disrupted Russia’s ability to receive payments for exports, pay for imports and engage in cross-border financial transactions," IMF noted.
"While it is too early to foresee the full impact of these sanctions, we have already seen a sharp mark-down in asset prices as well as the ruble exchange rate," the Fund added.