Sanctions against Russia will have greater economic impact than war, says World Bank

World Bank President David Malpass on Monday warned people and businesses against stockpiling food and gasoline, despite rising prices caused by Russia’s invasion of Ukraine and massive sanctions imposed on Moscow.

Malpass said at a virtual event hosted by the Washington Post that the sanctions would have a greater impact on global economic output than the war itself.

He said he expects a robust response from producers around the world to increase supplies as needed and sees no need for people to stockpile extra in their kitchens or restaurants.

Also Monday, the World Bank said it would provide nearly $200 million in additional, reprogrammed funding to bolster Ukraine’s social services for people in vulnerable situations.

The value adds to the US$ 723 million approved last week. The funding is part of a $3 billion support package for Ukraine that the organization had previously said it was preparing for the coming months.