"In the short term Russia loses because it’s very difficult", Korolev said. "In the long run, America loses because their companies lose that market and it’s replaced by other competitors. Or the worst possible fear for a lot of American government officials and the establishment is that Russia creates its own industry in its place".
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Korolev pointed out that US companies remain interested in doing business with Russia because they see profitable projects. However, American companies are concerned about doing business in Russia because of the threat of retaliation from the US government, he explained.
"They are trying to do the business and if they can legally avoid the sanctions, they will do business because they see the profit", he added. "But if the new sanctions that come out scare them away from doing business, or it threatens the other lines of revenue then, of course, they are not going to go forward".
Korolev said US companies are most interested in Russia’s natural resources extraction, medical equipment, among other sectors.
Moscow has repeatedly denied the allegations and reacted with countermeasures against those Western nations that have targeted it with sanctions.
Views and opinions, expressed in the article are those of Gary Korolev and do not necessarily reflect those of Sputnik.