The World Bank warns of the financial consequences

Referring to the repercussions on Russia, subjected by Western countries to a salvo of sanctions, he indicated that “if they are able to prevent the Central Bank of Russia from functioning, it would really have an effect on Russia and the people adding that the sanctions “apparently do not affect the oil and gas industry”.

The boss of the international financial institution estimated that there would be short-term upward pressure on energy, including liquefied natural gas, but other options are available in the long term.

“Markets are looking ahead so that they can peer into the five-year time horizon and realize that there is a lot of energy available if it is mobilized, there are alternatives to Russian dominance in the market for gas,” he said. On the World Bank’s response to this crisis, Malpass said his organization had “instruments” to help deal with refugee flows as well as aid programs in neighboring countries. of Ukraine to provide assistance.

The Managing Director of the International Monetary Fund (IMF), Kristalina Georgieva, estimated, for her part, that the current crisis “is already causing serious economic repercussions which will worsen as it continues”, warning that “other beyond Ukraine, the repercussions of the conflict present serious economic risks for the region and the whole world”.

“This crisis comes at a delicate time as the global economy recovers from the ravages of the COVID-19 pandemic, and it threatens to undo some of that improvement,” she said. said in a statement on Saturday.

The CEO of the international financial institution spoke of “the implications it could have, in particular on the financial system and its functioning, the commodity markets and, more directly, the countries with economic links with the region”.

“We stand ready to help our member countries if necessary, in close coordination with our international partners,” she said.

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