https://sputnikglobe.com/20231208/putins-checkmate-how-russia-strategically-counters-western-economic-pressure-1115479548.html
Putin's Checkmate: How Russia Strategically Counters Western Economic Pressure
Putin's Checkmate: How Russia Strategically Counters Western Economic Pressure
Sputnik International
Russian President Vladimir Putin has stated that Russia's economic growth rates exceed those of all European Union (EU) countries. Sputnik's expert commentators analyzed Moscow's strengths.
2023-12-08T15:50+0000
2023-12-08T15:50+0000
2023-12-08T15:50+0000
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Russia has confounded the West's sanctions strategy to outstrip Europe in economic growth, pundits say.Speaking at the plenary session of VTB Bank's investment forum "Russia Calling!", Putin highlighted that Russia's gross domestic product (GDP) had grown by 3.2% in the first 10 months of this year and is expected to reach 3.5% by the end of the year.When the United States and its European allies decided to impose sanctions on Moscow, commodity prices rose significantly, resulting in an increased trade deficit for those countries.However, she emphasized that "Russia is one of the world's leading producers of raw materials, including hydrocarbons, coal and even diamonds."Isela Valdez, a lecturer in economics at the National Autonomous University of Mexico (UNAM), also speaking to Sputnik, noted that although European countries were strong partners for Moscow before the Ukrainian crisis, they were not the only ones.According to Ibanez, Russia's strategic, commercial and economic link is China, a country with which it shares a common space in BRICS, the group of developing nations founded in 2009 that currently represents more than 31.5 percent of the world's GDP and 42 percent of its population.What will happen if the conflict in Ukraine drags on for even longer?Western countries will find themselves in an even more difficult position in 2024, as another conflict between Israel and Palestine has burst onto the geopolitical chessboard, Valdez warned.Ibanez noted that Russia has managed to build bridges and alliances with the Global South through BRICS and the Shanghai Cooperation Organization — and these are platforms where Moscow could stand out.
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Putin's Checkmate: How Russia Strategically Counters Western Economic Pressure
Russian President Vladimir Putin has stated that Russia's economic growth rates exceed those of all European Union (EU) countries. Sputnik's expert commentators analyzed Moscow's strengths.
Russia has confounded the West's sanctions strategy to outstrip Europe in economic growth, pundits say.
Speaking at the plenary session of VTB Bank's investment forum
"Russia Calling!", Putin highlighted that Russia's gross domestic product (GDP) had grown by
3.2% in the first 10 months of this year and is expected to reach
3.5% by the end of the year.
"Despite Western sanctions against Moscow over the conflict in Ukraine, the Russian economy manages to stay afloat due to various factors, including the restrictive economic policy of the EU and strategic alliances Russia has formed around the world," Imelda Ibanez, a specialist in the history of Russian diplomacy and foreign policy at St. Petersburg State University, told Sputnik.
7 December 2023, 16:33 GMT
When the United States and its European allies decided to impose sanctions on Moscow, commodity prices rose significantly, resulting in an increased trade deficit for those countries.
"One factor [influencing the strengthening of the Russian economy] is the monetary policy of the European Union and the United States, as well as high commodity prices," Ibanez said.
However, she emphasized that "Russia is one of the world's leading producers of raw materials, including
hydrocarbons, coal and even diamonds."
"Russia has been able to strategically resist sanctions because it has relied on a geopolitical strategy that is aligned with its allies," she added.
7 December 2023, 17:12 GMT
Isela Valdez, a lecturer in economics at the National Autonomous University of Mexico (UNAM), also speaking to Sputnik, noted that although European countries were strong partners for Moscow before the Ukrainian crisis, they were not the only ones.
"They are not Russia's only trading partners; yes, they are obviously among the strongest, but there are also the Middle East, Asia, Latin America, and even parts of Africa, which are alternative markets with which [Moscow] can develop trade relations," she noted.
According to Ibanez, Russia's strategic, commercial and economic link is China, a country with which it shares a common space in
BRICS, the group of developing nations founded in 2009 that currently
represents more than 31.5 percent of the world's GDP and 42 percent of its population.
7 December 2023, 04:41 GMT
What will happen if the conflict in Ukraine drags on for even longer?
Western countries will find themselves in an even more difficult position in 2024, as another conflict between Israel and Palestine has burst onto the geopolitical chessboard, Valdez warned.
"It is more of an economic containment mechanism that we are beginning to see [in the West]. Next year, the situation for Europe will be very complex because it is on the central axis of the conflicts, almost acting as a mediator, and this will affect its production levels," the expert noted.
Ibanez noted that Russia has managed to build bridges and alliances with the Global South through BRICS and the Shanghai Cooperation Organization — and these are platforms where Moscow could stand out.
