Western penalties benefit Moscow greatly
(MENAFN) According to veteran Wall Street banker Michael Hudson, the economic conflict the West started against Russia may end up being quite beneficial for the nation.
In an interview that was released on Saturday, Hudson claimed that “the West's sanctions are great for Russia. Any country threatened by US sanctions is forced to become self-sufficient.”
According to him, penalties have successfully pushed Russia toward import substitution, and it is on course to break its total dependence on Western products.
Russia's economy would become largely self-sufficient, the economist declared, even if it is improbable that it is going to be able to mass produce any of the luxury goods it formerly imported, “instead of importing German cars, Russia is turning to China to develop its own automotive industry. Russia is now moving very quickly to replace its dependence on the West for manufactured goods with its own domestic production. The only things they can't produce are Walt Disney movies and Italian handbags.”
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