According to IMF, energy and raw material prices, including wheat and other grains, ramped up. These are aspects included in the inflationary pressures due to supply chain breakdown and Covid-19 recovery.

Gita Gopinath, IMF´s First Deputy Managing Director, considered that a possible suspension of payments by Russia, due to sanctions imposed by the United States and allies on Russia, would have an unlimited effect on a global scale.

Sanction severed Moscow’s ties to the global financial system, banning most transactions except for debt payments and oil purchases and freezing $300 billion foreign exchange reserves held by the Russian government abroad.

White House national security adviser Jake Sullivan said his country and allies will announce on Thursday new sanctions against Russia.

Russian President Vladimir Putin, on the other hand, on Wednesday ordered to accept payment (just in rubles) for natural gas to Europe, because in his opinion it makes no sense to supply the European Union and the United States and charge in dollars and euros.

Putin stressed that in recent weeks, several Western countries made illegitimate decisions to freeze Russian assets, in what he considered a move by the West under the credibility of their currencies.

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