Sanctions Empower Russia, 'Boomerang' on Europe and Undermine Dollar Hegemony – Experts
Published: Apr 02, 2024 08:40 PM
Western economic aggression against Russia only sped up its economic growth, with Moscow bolstering ties with the Global South and becoming one of its key pillars.

Russia's 3.6% economic growth in 2023 that dwarfed that of G7 countries shows that sanctions have failed completely, the Daily Mail has reported, quoting experts.

Experts admit that sanctions “influenced Russia's behavior enormously," but not in the way Western leaders and economists intended. Sanctions showed Russia that the West is hostile and prompted Moscow to bolster its ties with the Global South.

“Moscow has been forming strong alliances with its BRICS partners and some other states in the Middle East, Africa and Latin America, with the aim of creating a new global balance of power," admited Dr. Ksenia Kirkham from King’s College, London.

She added that Moscow is busy developing alternative trade routes and payment systems that challenge Western economic power and, in the end, undermine US dollar hegemony and control over logistic chains – “the very mechanisms through which sanctions effectively operate”.

“Russia's isolation is a myth,” she admitted firmly.

Anti-Russian sanctions, however, are doing a great job of ruining European economies and bolstering Europe’s dependence on the United States.

“European countries have suffered greatly from a 'sanctions boomerang',” said expert on international relations Professor Alan Cafruny from the US’ Hamilton College.

After sanctions were introduced, European countries saw soaring gas prices that devastated their economies and sparked a cost-of-living crisis. The German economy, which was based on relatively cheap Russian hydrocarbons, suffered greatly and is currently facing a de-industrialization trend.

The expert admitted that there are those who benefit from European economic decline – US LNG exporters who “profited massively from increased exports to Europe," for example.

He concluded that the current situation will result in Europe becoming even more dependent on the US from an economic and political standpoint, while Russia strengthens its partnership with the Global South.

This January, Russian President Vladimir Putin held a meeting with the business community of Russia’s Far East and commented on the nation’s economic development.

“It seems that we are being strangled and crushed from all sides, but we have become the largest economy in Europe. We have overtaken Germany, and rank fifth in the world," Putin revealed.