Russian Economist: The Russian economy has withstood Western sanctions due to reliance on domestic capabilities
Russian economist, Leonid Syukyanin, said that the Russian economy has succeeded in withstanding Western sanctions by relying on internal capabilities and huge reserves of hard currency and gold.
He pointed out, in interview with Russian Radio Sputnik, that Russia had succeeded in changing the directions of oil and gas exports in paths other than Europe, in light of the refusal of many countries in Asia, Africa and South America to join Western sanctions against Russia, and he also mentioned that Russia was able to withstand and stabilize and carry out its economic projects without any losses.
This comes as the US National Security Council Strategic Communications Coordinator, John Kirby, admitted that the Russian economy is showing remarkable resilience in the face of sanctions.
Kirby added, during a press conference, that the sanctions imposed on Russia may take some time to have the desired effect.
In addition, Bloomberg agency stated that the sanctions, which are seen in the United States as equivalent to a nuclear weapon, didn’t deal the desired blow to the Russian economy, which raised questions about the effectiveness of this tool as a whole.
Bloomberg pointed out that the Russian economy has deviated greatly from expectations, and is expected to move to growth in 2023.
Russia has lost important markets and suppliers of commodities, but it has also found new markets, including boosting trade with China more, which indicates the great risks of the US shock and awe strategy.