Times: US sanctions did not have a big effect on the Russian economy

Times: US sanctions did not have a big effect on the Russian economy

LONDON, may 29. /TASS/. Sanctions policy of the United States does not have a significant effect on the Russian economy. With such a statement issued on Tuesday, the newspaper The Times.

As the newspaper writes, Russia “entered into a recession in 2015 and 2016 after the imposition of sanctions in connection with its invasion of Crimea and the collapse in oil prices, but now wages are rising and last month increased the amount of retail sales.” According to the newspaper, the Russian economy now “looks stable”.

“The tightening of U.S. sanctions and the fall of the ruble in early April, has not yet had a significant impact on the real sector of economy”, — quotes in this connection The Times opinion consultancy Capital Economics.

The newspaper emphasizes that the return of the economy to grow, despite the sanctions, “we think demonstrates what you already believe most analysts: sanctions not 2014 primarily are to blame for the subsequent recession”.

In support of this idea, the publication quoted the chief economist of investment Bank Renaissance Capital, Charles Robertson, who said that “most of the problems for the Russian economy ensued as a result of the collapse in oil prices.” With the recent growth, the situation began to change again for the better.

According to the Times, Russia is now “far from being intimidated” and “looks confident”. “In the last few days, the President [of Russia Vladimir] Putin received for talks the leaders of Germany, France and Japan. Influential people of the large Western companies such as BP and Royal Dutch Shell, took part in the St. Petersburg [international] economic forum, held last week. And a few weeks Russia will host the world Cup — the biggest sporting event on Russian soil since the Olympic games of 1980”, — stated in the publication.

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