US expert says sanctions help Russia's economy

The sanctions imposed on Russia have helped its economy. This was stated by economic expert James Galbraith on November 20.

According to the economist, it was assumed that anti-Russian sanctions would undermine the Russian economy, destabilize its financial sector, hit the military-industrial complex and create pressure on the country.

"In reality, sanctions have created an entrepreneurial atmosphere in Russia that has made it very easy for Russian companies to chase profits," he said during a discussion on the margins of the European Parliament, a recording of which was published on the YouTube channel of EP member, economist and writer Fabio De Masi.

According to Galbraith, the sanctions have created a protected market in Russia, where there is less competition with Western companies than before. This moment helped Russian companies to purchase capital equipment at low prices.

In addition, the economist pointed out that the strategy of restricting Russian imports has also worked, causing spending to fall and the net export surplus to rise.

"So if you think that Russian Federation needed external financing, the sanctions actually caused it to increase, not decrease", he added.

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On November 21, Finance Minister Anton Siluanov said that Western sanctions will not lead to restrictions on Russia's foreign trade. According to him, all restrictions by Western countries first of all hit them. Siluanov emphasized that in 2024, the dynamics of economic growth in Russia will be about 4%, while the dynamics of the West - "0.1% at best".

The day before, Pavel Feldman, a candidate of political science and associate professor at the Academy of Labor and Social Relations, told Izvestia that it is impossible to isolate Russia in the international arena. In addition, he noted the failure of U.S. attempts to separate Russia from other countries in the system of trade relations.

On the same day, Bloomberg reported that the West's attempts to isolate Russia in the international arena were unsuccessful.

On October 30, Russian Foreign Minister Sergey Lavrov also called the results of the BRICS summit, which was held in Kazan from October 22 to 24, 2024, a failure of the West's attempts to isolate Russia. According to him, the people of the Global South and East realize that a strong Russia is an important factor in the formation of a fair multipolar world order.

Western countries increased sanctions pressure on the Russian Federation after the start of the special operation to protect civilians in Donbass, which was announced on February 24, 2022.