Head of Russian Central Bank: Sanctions reshaping world economy

By Al Mayadeen English
Source: Agencies
8 Nov 2022 12:46
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The head of the Central Bank of Russia Elvira Nabiullina says that sanctions will have an impact on the Russian and world economies.

The head of Russia's Central Bank, Elvira Nabiullina

According to the head of the Central Bank of Russia Elvira Nabiullina, the effects of sanctions on both the world and Russian economies should not be underestimated.

Nabiullina warned that the repercussions of sanctions will be impossible to disregard.

"Sanctions are very powerful, and their impact on both the Russian and the world economy should not be downplayed; it will be impossible to isolate oneself from their influence," Nabiullina stated.

During a speech delivered on the status of Russia's 2023-2025 before the committees of the State Duma, Nabiullina stressed that sanctions are causing old economic ties with foreign countries to become outdated as new ties are emerging in a clear state of structural transformation, while Moscow's trade geography and demands on its products are changing.

The head of Russia's Central Bank added that Moscow's trade partners are being impacted by the increasing pressure of sanctions.

It's noteworthy that earlier last week, former Lehman Brothers executive Lawrence McDonald stated that the US's efforts to isolate Russia through sanctions appear to be pulling nations closer to forming a bloc.

When McDonald asked whether the US's anti-Russia sanctions were effective, he said "Russia is going around them through a lot of different avenues, like through China," adding that "The BRICS [Brazil, Russia, India, China, and South Africa] are essentially forming this - look at the way the Saudis and the Russians are cooperating - the BRICS are forming like an alliance around the United States. Very dangerous moves the United States makes, they're pushing these countries together as a bloc."