Russia, hit by Western sanctions, has called on the BRICS group of emerging economies to coordinate measures to stabilize the economic situation, Russian Finance Minister Anton Siluanov said on Monday.

Siluanov told a ministerial and central bankers' meeting of the BRICS countries, which consists of Brazil, Russia, India, China and South Africa, that global monetary tightening and the unprecedented sanctions policy carried out by the West create risks of global stagflation and a food crisis.

Siluanov also noted risks of a global economic crisis amid undermined trust in the world's forex and financial systems.