In Germany, spoke about the positive impact of sanctions on Russia

The economic war unleashed by the West against Russia has backfired. About this on Sunday, August 7, former Wall Street financier Michael Hudson in an interview with the German edition of Junge Welt.

In his opinion, Western sanctions have done Russia a favor.

“They not only made Moscow economically independent, but also brought additional income to the state budget due to rising energy prices <…> The Russian economy is becoming self-sufficient,” the economist believes.

The US and the EU, in his opinion, “shot themselves in the foot.”

He recalled that Washington had frozen all Russian accounts in dollars and euros. In response, Moscow withdrew from the dollar system and decided to transfer payments for oil, gas, titanium and aluminum into rubles.

According to Hudson, these countermeasures led to the strengthening of the ruble.

On June 7, American Institute for Economic Research President William Ruger also called US sanctions against Russia “shooting himself in the foot.” He noted that the introduction of restrictions rarely forces states to change their policies. In addition, “incorrect actions” against Russia led to “unpredictable consequences.”

In April, Russian President Vladimir Putin noted that the refusal of a number of Western countries from normal cooperation with Moscow, as well as from part of Russian energy resources, had already hit Europe and the United States. Prices are rising in Western countries, inflation is going through the roof.

Leave a Reply