Russia winning economic war against West: The Guardian
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An opinion piece on The Guardian suggests that increasing sanctions on Russia will not lead it to withdraw from Ukraine, and while these sanctions are harming the West, they are boosting Moscow's trade balance and financing its war.
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Russia’s economy is expected this year to shrink by 8.5%, but the ruble is strong.
On Thursday, the British newspaper The Guardian said that Russia is winning the economic war the western nations have been waging with an aim to force it to back down on Ukraine.
Economic sanctions against Moscow resulted in a hike in the prices of global fuel and food, which boosted Russia's trade balance, financed its war, and put a significant strain on Western economies, according to the daily.
The Guardian suggested that Russian President Vladimir Putin has been playing a long game hoping to rise the costs of sanctions and thus wearing out the West.
The prolonged standoff reportedly impacted everyone’s mind as bankers and world leaders held meetings last week in Davos.
According to the International Monetary Fund (IMF), Russia’s economy is expected this year to shrink by 8.5%, but the ruble is strong and arguably, Moscow has time to replace the collapsing Western imports and explore the Asian energy markets. In particular, China has been buying Russian oil and gas in April, doubling energy imports.
The Guardian argued that Moscow will feel the pain of sanctions when its stocks of goods decrease, but this is not likely to end the war in Ukraine, adding that waiting for the economic embargo to work would be one way out, although collateral damage would be great.
