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Russian businessman claims Western restriction have backfired
(MENAFN) Russian metals tycoon Alisher Usmanov has argued that Western sanctions imposed on Russia have had the opposite effect of their intended goals, causing more harm to European economies than to Russia itself. In a recent interview with the Italian newspaper Corriere Della Sera, Usmanov claimed that the sanctions, aimed at crippling the Russian economy and punishing its business elite, have instead led to an unexpected outcome.
According to Usmanov, the sanctions have inadvertently bolstered the Russian economy, which saw a growth of 3.6 percent in 2023 despite the punitive measures from the European Union, the United States, and their allies. In contrast, European countries have suffered economically. Germany, a major European Union economy, experienced a recession last year, while France and Italy posted minimal growth rates of less than 1 percent.
Usmanov noted that the sanctions intended to damage Russia's economic standing and isolate its business elite. However, he asserted that these measures led to a repatriation of Russian capital and that the Russian economy has managed to adapt and grow. In Europe, the situation has been less favorable, with the bloc forced to replace Russian energy resources with more expensive alternatives. Following the sabotage of the Nord Stream pipeline in September 2022, which significantly reduced Russia's gas exports to Europe, the European Union turned to liquefied natural gas (LNG) from the United States. Usmanov highlighted that American LNG costs 30-40 percent more than the Russian pipeline gas it replaced, leading to increased energy prices for European consumers.
Usmanov’s remarks underscore a growing narrative that Western sanctions may have unintentionally strengthened Russia's economic resilience while placing greater financial strain on European nations.
According to Usmanov, the sanctions have inadvertently bolstered the Russian economy, which saw a growth of 3.6 percent in 2023 despite the punitive measures from the European Union, the United States, and their allies. In contrast, European countries have suffered economically. Germany, a major European Union economy, experienced a recession last year, while France and Italy posted minimal growth rates of less than 1 percent.
Usmanov noted that the sanctions intended to damage Russia's economic standing and isolate its business elite. However, he asserted that these measures led to a repatriation of Russian capital and that the Russian economy has managed to adapt and grow. In Europe, the situation has been less favorable, with the bloc forced to replace Russian energy resources with more expensive alternatives. Following the sabotage of the Nord Stream pipeline in September 2022, which significantly reduced Russia's gas exports to Europe, the European Union turned to liquefied natural gas (LNG) from the United States. Usmanov highlighted that American LNG costs 30-40 percent more than the Russian pipeline gas it replaced, leading to increased energy prices for European consumers.
Usmanov’s remarks underscore a growing narrative that Western sanctions may have unintentionally strengthened Russia's economic resilience while placing greater financial strain on European nations.
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