According to Russia's Finance Minister Anton Siluanov, the increasing inflation in most industrialized countries is the product of Western financial authorities' reckless behavior during the epidemic, exacerbated by a sanctions campaign against Moscow.

“The scale of inflationary pressure is unprecedented in the context of recent decades,” he stated while speaking at the plenary meeting of the International Monetary and Finance Committee of the IMF.

“This is the result of the irresponsible actions of the financial authorities of Western countries, from which the whole world suffers, and above all the most vulnerable countries with a low level of income,” the minister added.

Siluanov stated that the situation is being exacerbated by sanctions imposed by the West on Russia.

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“Dynamics of the accelerated energy transition is also pushing up energy prices, worsening the problems of poverty, food security, energy availability,” Siluanov said.

The US and its allies subsequently rolled out comprehensive sanctions, after Russia's military operation in Ukraine, including restrictions on the Russian central bank, export control measures, SWIFT cutoff for select banks, and closure of airspace to all Russian flights. Many of their companies have suspended their Russian operations.

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