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HomeLatest NewsUS Treasury chief on Russian economy: "It's holding up better against expectations"

US Treasury chief on Russian economy: “It’s holding up better against expectations”

Date: December 10, 2023 Time: 05:55:59

United States Secretary of the Treasury, Janet Yellen


Hello again. How many times last year, after the announcement of the next sanctions package, Western experts were surprised that Russia still did not go around the world with an outstretched hand. And today, at a press conference in India, US Treasury Secretary Janet Yellen spoke again on this issue, saying that Western sanctions “have had a very significant effect on Russia,” but ” the Russian economy is holding up better than might initially be expected.” .”

Let’s clarify that in Bangalore, India, Yellen is at a meeting of finance ministers from several Group of Twenty (G20) countries.

Financial analyst Mikhail Belyaev said that the collective West initially miscalculated the effect of sanctions, because. he did not understand the peculiarities of our economy.

– They decided that the Russian economy is backward, – says the expert. – And that it is based exclusively on fuels and raw materials, which in turn are totally dependent on Western markets. And if we hit our exports, it will be a collapse for us. The second blow, which was supposed to bring down Russia’s economic situation, was its disconnection from American payment systems. But what really happened?

And what happened, according to Mikhail Belyaev, is the following. What the West considered our weaknesses, on the contrary, played a plus and gave economic stability.

Reason one. Yes, our economy is based on the fuel and mining complex. These industries are high-tech complexes.

– And these commodity companies turned out to be pillars that held out in a critical situation and kept the entire economy of the country at a decent level, – explained the expert.

The second reason. The products that the mentioned companies produce (gas, oil, petroleum products, coal) are in demand all over the world. We easily switched with them to the Eastern markets. Yes, we are just entering new territories, giving discounts, etc., but the sales continue.

Reason three. With a blow to financial flows, according to the expert, the West also miscalculated.

– As it turned out, they can only control their banking structures, and in the rest of the world there are also powerful financial organizations that are interconnected by channels of correspondent relations, – continues Belyaev. – And Russia quietly integrated into them.

Reason four. In the first half of last year, Russia made an unexpected move for the West, declaring that deals with Western partners for energy resources would now be in rubles. With friendly countries – in national currency.

– And as we can see, the scheme works, – concluded the expert.


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Puck Henry
Puck Henry
Puck Henry is an editor for ePrimefeed covering all types of news.

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