(Dan Tri) – Experts decode the reason why even though Russia has become the most sanctioned country in the world in just over a year, the country can still overcome it and grow economically.
Russian President Vladimir Putin (Photo: Reuters).
Speaking at the session at the investment forum `Russia is calling!`
Mr. Putin said that Russia’s economic growth rate exceeds the growth rate of all countries in the European Union (EU).
Previously, Dmitry Birichevsky, head of the Department of Economic Cooperation of the Russian Foreign Ministry, said that to date, the West has imposed more than 17,500 sanctions on Moscow, but has not achieved the expected effect.
Imelda Ibanez, an expert on Russian diplomatic history and foreign policy at St.
When the US and its European allies decided to impose sanctions on Moscow, commodity prices increased significantly, leading to an increased trade deficit for the embargoed countries.
Expert Ibanez emphasized that Russia is `one of the world’s leading producers of raw materials, including hydrocarbons, coal and even diamonds`.
`Russia can resist sanctions because it relies on a geopolitical strategy that aligns with its allies and partners,` she added.
Isela Valdez, economics lecturer at UNAM University (Mexico), said that although European countries were Moscow’s major partners before the crisis in Ukraine, they were not the only partners.
`The EU is not Russia’s only trading partner. They are obviously one of the biggest, but Russia also cooperates with countries in the Middle East, Asia, Latin America and even some regions
According to expert Ibanez, Russia also has strategic, commercial and economic relations with members of the BRICS group of developing countries.
Ms. Ibanez emphasized that Russia can still connect with Southern Hemisphere countries through mechanisms such as BRICS and the Shanghai Cooperation Organization, making Western efforts to pull the `iron curtain` to isolate Moscow more difficult.
Last month, Russian Deputy Prime Minister Andrey Belousov commented that Russia’s resilience in the face of unprecedented Western sanctions pressure had surprised the US and its allies.
Moscow has achieved true economic sovereignty and demonstrated its ability to pursue an independent policy and protect national interests despite all external pressures, he added.
Meanwhile, Russian Deputy Foreign Minister Alexander Grushko said in November that the EU’s total losses due to sanctions and cuts in economic relations with Russia could reach $1,500 billion.
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