IMF: Ukraine Crisis Poses Significant Risks to Global Economy

Kristalina Georgieva, Managing Director of the International Monetary Fund, has expressed deep concern about the Ukrainian crisis, noting that the Fund is assessing the repercussions.

She added in a tweet via Twitter: "I am deeply concerned about what is happening in Ukraine and, first & foremost, impact on innocent people. This adds significant economic risk for the region & the world. We are assessing the implications & stand ready to support our members as needed."

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We are assessing the implications and standing ready to support our members as needed.

She continued, “We are deeply concerned about the human toll of this conflict and are assessing the potential impact on the global economy.

The Fund warned in its World Economic Outlook issued last month that there are many risks to the global recovery, including geopolitical tensions that could jeopardize energy supplies, international trade and political cooperation.

On the other hand, European Commission President Ursula von der Leyen said in a tweet early Friday morning that European Union leaders had agreed to impose sanctions on Moscow targeting 70 percent of the Russian banking market and major state-owned companies, including defense companies.

On his part, British Defense Minister Ben Wallace said his country wanted to isolate Russia from the SWIFT system for global interbank payments.

"We would like to go further, we would like to use the SWIFT system - this is the financial system that allows the Russians to move money around the world to receive payments for gas - but you know like many things," Wallace told the BBC on Friday. These are international organizations and if not every country wants to kick them out of the SWIFT system, it will be difficult.”