https://sputnikglobe.com/20230727/bidens-nominee-for-top-diplomat-on-eurasia-says-does-not-see-russian-economy-collapse-1112174191.html
Biden’s Nominee for Top Diplomat on Eurasia Says Does Not See Russian Economy Collapse
Biden’s Nominee for Top Diplomat on Eurasia Says Does Not See Russian Economy Collapse
Sputnik International
President Joe Biden’s nominee for the position Assistant Secretary of State for European and Eurasian Affairs James O’Brien said on Wednesday that the Russian economy will not collapse as a result of the imposed sanctions, but will become significantly smaller by the end of the decade.
2023-07-27T05:17+0000
2023-07-27T05:17+0000
2023-07-27T05:17+0000
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"It's a deep economy. It was one of the largest ten [economies]... So, they will be able to sustain themselves for quite a while. We don't see a collapse," O’Brien said during his confirmation hearing at the US Senate Foreign Relations Committee. On Tuesday, the International Monetary Fund revised upward its forecast for the Russian economy in 2023 by 0.8 percentage points to 1.5% after data pointing to a stronger economic performance in the first half of the year.After the start of the Russian special operation in Ukraine, the West increased sanctions pressure on Russia. Consequently, the disruption of logistics chains has led to an increase in fuel and food prices in Europe.
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Biden’s Nominee for Top Diplomat on Eurasia Says Does Not See Russian Economy Collapse
WASHINGTON, (Sputnik) - President Joe Biden’s nominee for the position of Assistant Secretary of State for European and Eurasian Affairs James O’Brien said on Wednesday that the Russian economy will not collapse as a result of the imposed sanctions.
"It's a deep economy. It was one of the largest ten [economies]... So, they will be able to sustain themselves for quite a while. We don't see a collapse," O’Brien said during his confirmation hearing at the US Senate Foreign Relations Committee.
On Tuesday, the International Monetary Fund
revised upward its forecast for the Russian economy in 2023 by 0.8 percentage points to 1.5% after data pointing to a stronger economic performance in the first half of the year.
After the start of the Russian special operation in Ukraine, the West increased sanctions pressure on Russia. Consequently, the disruption of logistics chains has led to an increase in fuel and food prices in Europe.
