According to Kenneth Rogoff, former chief economist at the IMF, people in Russia lie about the fact that the West’s sanctions plans have not materialized because the Russian Federation has already lost some of its income due to the restrictions.
After the all-out occupation of Ukraine, the Russian economy is declining rapidly due to massive sanctions from the West. Kenneth Rogoff, a former chief economist of the International Monetary Fund (IMF), said at the World Economic Forum in Davos that only in the future the Russian Federation’s economic problems may worsen.
According to him, international sanctions have a serious impact on the Russian economy, so in the future the country risks turning into a “giant Iran”.
“Look at Iran, look at North Korea, look at Venezuela, look at Cuba, that’s where Russia is going,” said Rogoff.
He called all Kremlin statements that Western international sanctions were not working and that all European plans in this regard had failed. For example, the Russian Federation has already lost some of its income, which indicates a slowdown in production in other sectors of the economy.
“If you keep the sanctions going for a long time and make them stronger, it will work,” he said.
Kenneth Rogoff also believes that while the sanctions themselves have a cumulative effect, international sanctions may ultimately provoke an attempt to change power in Russia. That’s why the West needs to think about how to expand restrictions on the Russian Federation if Ukraine wins the war.
Meanwhile, it has been learned that the G7 countries and the EU are planning to revise the price limits for Russian oil in March 2023. Therefore, from February 5, 2023, the coalition plans to introduce two “ceiling prices” at the same time: one for products such as diesel fuel or gasoline that are usually traded at a premium for crude oil, and the other for products. those traded at a discount to crude oil, such as fuel oil.
same Focus He wrote that in January 2023, India and China had become the largest oil importers from the Russian Federation. Thus, from January 1 to January 15 this year, exports of Russian oil from Baltic Sea ports to Asian countries increased by 27 percent compared to the same period in December 2022. This means that in the first weeks of January, the Russian Federation exported 2.8 million tons of oil to Asia.
Source: Focus
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