KTFA: Samson: Newspaper: Sanctions Against Russia Were Not As Effective As The West Expected
27th August, 2022
The Economist newspaper confirmed that Western sanctions against Moscow were not as effective as expected, noting that Russia will achieve the second trade surplus in the world after China this year, despite the sanctions
An analytical article for the newspaper stated, “It is worrying that the sanctions war so far is not going as well as expected
The newspaper pointed to the sanctions against thousands of Russian companies and individuals, the freezing of half of Russia’s foreign exchange reserves, the cutting off of most banks from the global financial system, the restrictions on importing oil from Russia and Russia’s purchase of some important materials such as electronic chips
The newspaper expected that Russia’s isolation from Western markets “will cause chaos in Russia within 3-5 years but she points out, however, that the “knockout” has yet to materialize, with Russia’s gross domestic product declining by 6% in 2022, well below the 15% expected by many last March.
She added that the export of hydrocarbons generated a surplus in the Russian trade balance of $265 billion this year, making Russia the second largest surplus in the world after China
The Russian financial system has also stabilized after the initial shock, and the country has been able to find new suppliers for some goods, such as China, while Europe may experience a recession due to the energy crisis
The newspaper wrote: “It turns out that the sanctions weapon has its drawbacks. One of them is the time interval. And blocking access to technologies monopolized by the West will take years to have a tangible impact
Although the Western GDP is much more than the Russian one, the newspaper also referred to Russia’s role in the global gas market, and that 100 countries, with a GDP of 40% of the world, do not abide by the ban on various Russian exports LINK
************
DallasDude: Was hoping the EFSL packed a little bit more punch by now..they are just getting around to full implementation..they should have just called it the FSL,not much E to show thus far..hopefully citizens get their entitlements soon as promised and we see a new rate..I do believe it is the FSL that ultimately brings this to a close,just need some government stability..remember the budget ultimately needs a rate, the rate doesn’t need a budget.
