Moscow, January 2 – The head of the Eastern European Institute of the Stockholm School of Economics, Thorbjorn Becker, spoke live on the Swedish TV channel SVT, about the reasons for the stability of the Russian economy in the face of Western sanctions.
The first reason is income from the sale of oil and gas. As Becker noted, Russia’s income from the sale of energy resources is still very high.
The second reason is the actions of the Central Bank of Russia, which quickly dealt with the problems that arose in the financial sector after the imposition of sanctions on the banking system.
The third reason, according to the economist, is the experience of previous crises. Thus, Russian specialists who solved the problems that arose due to sanctions have already experienced a number of economic crises. He referred to the crisis of 1998, the global financial crisis of 2008-2009, as well as the crisis and the sharp drop in oil prices in 2014.
“Therefore, in a sense, the economic departments that manage the Russian macroeconomy have gone through a number of crises and know what they can use to mitigate the impact of sanctions shocks,” the expert said.
After the start of the Russian special military operation in Ukraine, Western countries increased pressure on Moscow, but this provoked an increase in fuel prices and record inflation in the West itself. As Vladimir Putin pointed out, the policy of containing and weakening Russia is a long-term strategy of the United States and its allies, but the sanctions have dealt a serious blow to the entire global economy. The main goal of the West, the Russian president called the deterioration of the lives of millions of people.
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