On April 25, 2025, Russian Finance Minister Anton Siluanov urged the International Monetary Fund (IMF) to conduct a thorough assessment of the impact of sanctions on the global economy. According to a report by RIA Novosti, Siluanov emphasized the need for an accurate and objective evaluation of how trade restrictions and sanctions affect the international monetary and financial system. He called for the development of measures to mitigate these consequences, highlighting the urgency of the situation as the world grapples with rising economic uncertainties.
This appeal was part of a document prepared for the spring meetings of the heads of the IMF and the World Bank, where discussions have increasingly centered on the escalating trade conflicts that have disrupted global economic stability. Siluanov's remarks come at a time when the IMF has revised its forecast for global economic growth in 2025 down from 3.3% to 2.8%, indicating a concerning trend that could have far-reaching implications.
During discussions at both the "Group of Twenty" (G20) meetings and the BRICS platform, countries raised alarms about the negative consequences of rising trade tariffs, which are expected to slow down global economic growth. The IMF has noted that the global economic system, which has been functioning for 80 years, is experiencing significant overloads and is entering a new era characterized by increased volatility and uncertainty.
In its latest report, the IMF also pointed to a weakening of disinflationary processes, predicting that inflation will reach 4.3% by the end of the year. Analysts have identified acute risks such as rising inflationary pressure, declining long-term sustainability, and increased volatility in financial markets. These factors have collectively contributed to a downward trajectory in global economic development.
Despite these challenges, the IMF has improved its forecast for the growth of the Russian economy to 1.5%, a slight increase of 0.1 percentage points from its January predictions. However, looking ahead to 2026, the IMF anticipates a decrease in the growth rate of the Russian economy to 0.9%, which is 0.3 percentage points lower than previously forecasted.
Furthermore, the IMF has indicated that the resolution of the ongoing conflict in Ukraine, which it predicts may conclude in the last months of 2025, could significantly impact the economic landscape. The fund noted that progress in peace negotiations could enhance the economic situation in Ukraine, as changes in international financial and military assistance are also on the horizon.
As the world continues to navigate these complex economic dynamics, Siluanov's call for a comprehensive assessment by the IMF underscores the critical importance of understanding the ramifications of sanctions and trade restrictions. The global economy is at a crossroads, and the decisions made by financial institutions like the IMF will play a pivotal role in shaping its future.
