US economist says Western restrictions are good for Moscow
(MENAFN) The financial conflict released by the West targeting Russia has backfired and may bring the nation much good, as said by Wall Street financier Michael Hudson to the German news agency Junge Welt.
“The West's sanctions are great for Russia. Any country threatened by US sanctions is forced to become self-sufficient,” Hudson announced in an interview televised on Saturday.
He added that restrictions have effectively forced Russia to import-substitution, and the nation is on track to becoming totally free of dependence on Western products.
“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,” as reported by the economist.
“The West's sanctions are great for Russia. Any country threatened by US sanctions is forced to become self-sufficient,” Hudson announced in an interview televised on Saturday.
He added that restrictions have effectively forced Russia to import-substitution, and the nation is on track to becoming totally free of dependence on Western products.
“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,” as reported by the economist.
Legal Disclaimer:
MENAFN provides the
information “as is” without warranty of any kind. We do not accept
any responsibility or liability for the accuracy, content, images,
videos, licenses, completeness, legality, or reliability of the information
contained in this article. If you have any complaints or copyright
issues related to this article, kindly contact the provider above.
Comments
No comment