Russia stated on Thursday that it is currently dealing with an unstable circumstance, adding that the financial scenario in the country is “absolutely unmatched.”

Speaking on Thursday, Kremlin representative Dmitry Peskov, blamed the West for waging an “economic war” against Russia.

Peskov stated high inflation rates being seen was because of “a stunning external impact” on Russia’s economy.

Following Russia’s intrusion of Ukraine, a raft of sanctions have been levied against the nation by the United Kingdom, the United States and the European Union among other nations.

“There are unfavorable effects, they will be minimized. At the minute the circumstance is unstable,” he said.

Peskov added that “steps to calm down this scenario are already being carried out,” however that Russia requires is “to act in order to minimize the repercussions and further risks.”