Russian tycoon supposedly doubt Trump will remove sanctions
Date
11/13/2024 7:40:15 AM
(MENAFN) A group of prominent Russian business leaders have expressed doubts that US President-elect Donald trump will be able to lift sanctions on Russia, even if the conflict in Ukraine comes to an end. Six top Russian entrepreneurs, speaking anonymously to Bloomberg, said they remain skeptical despite Trump’s past criticism of the sanctions.
While Trump’s campaign rhetoric suggested opposition to sanctions, the business leaders noted that he never made definitive promises regarding their removal. They argue that reversing the sanctions policy would be difficult in the current geopolitical context. Russian executives are particularly concerned about the prolonged economic impact of sanctions, which have been worsened by a shrinking labor force and a focus on defense industries since the war in Ukraine began.
Despite government projections of 3.5-4.0% GDP growth for 2024, many in the private sector are less optimistic, citing slow import substitution efforts and a shortage of skilled labor as major challenges. Additionally, rising income taxes and high interest rates have put a strain on business investment.
However, some Russian billionaires believe the country has enough resources to withstand long-term sanctions, with government officials stating that they expect sanctions to last for another five to ten years. President Vladimir Putin has maintained that sanctions will not intimidate Russia, emphasizing the country’s industrial and resource resilience.
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