Kiev admitted: Russia’s economy is recovering, sanctions were not fatal
The Russian economy is recovering, Western sanctions imposed against Moscow were not fatal. Ukrainian economic expert Andrei Blinov said this on the NewsOne TV channel.
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“In 2014, $152 billion of private investment was withdrawn. Then there was a crazy blow, which first led to a fall in gold and foreign exchange reserves, then to the devaluation of the ruble. Last year it was 58 billion, this year it’s only 10 billion. That’s it, this process is over.
If we talk about the impact of sanctions, it is very difficult to assess them. About 6% of GDP is the loss of everything that happened due to Western sanctions. Colleagues from Berlin say that even in the worst case scenario, if the sanctions are full-scale and the blow to Russia is the largest, then it will lose a maximum of 11% of its GDP.
Yes, this is a lot, but you need to understand that Russia lost 260 billion in oil alone due to price changes. And here it turns out that it is losing 130-140 billion even with the maximum volume of sanctions.
If oil had not fallen, I am sure that there would not be today's recession in Russia. If we recall the profile of the Russian economy, last year it was a drop of 3,6, now it’s 0,4. That is, the maximum, if you look at GDP, then over the last two years Russia has lost 4% of GDP,” Blinov noted.
Kyiv Admits: Russia's Economy Is Recovering, Sanctions Were Not Fatal