Former Russian president Dmitry Medvedev has stated that sanctions placed on his country will have a wide range of global consequences, Newsweek reported.

Russia invaded Ukraine on February 24 this year, which resulted in the West imposing stringent economic sanctions and punishing countries which will do business with Moscow. Due to the sanctions, Russia is facing uncertain economic future crisis.

But that did not stop Mr Medvedev from lashing out at the US and its allies. He said that the effects of these sanctions will be felt across the globe.

Mr Medvedev made the predictions on his Telegram channel on Friday, according to Newsweek report, in which he outlined in 10 bullet points the impact on supply chains, inflation and food crisis.

He also predicted that the restrictive measures would harm the global financial system, potentially triggering a monetary and financial crisis in some countries or blocs as a result of the undermining of the stability of a number of national currencies, rampant inflation, and the breakdown of the legal system protecting private property.

Many aspects of life, according to the politician, will be affected. "New regional military conflicts will emerge in those places where the situation has not been resolved peacefully for years or where the substantial interests of major international players are ignored. Terrorists will become active who think that the Western authorities are currently diverted by the showdown with Russia," he wrote.

He further said that "the collapse of the idea of ​​an American-centric world" as all this will highlight the weakness of the West's concepts of international relations, the Newsweek report said.

Mr Medvedev was elected president of Russia in 2008. He was thought to be more liberal than his predecessor, Vladimir Putin, who served as the Prime Minister during Medvedev's term. As president, Medvedev prioritised a broad modernisation programme aimed at modernising Russia's economy and society while reducing the country's dependency on oil and gas.