Minculete's multiplicative inequality conjecture for the prime-counting function

Let $\pi(t)$ denote the number of primes at most $t$. There exists a sufficiently large natural number $n_0$ such that, for all $x,y\geq n_0$, the following inequality holds:

Minculete's conjecture.

$$\pi^2(xy)\leq\pi(x^2)\pi(y^2).$$

The source attributes this hypothesis to Minculete (2012); its resolution is not specified in the supplied text.