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The US authorities and their European regime allies insist on the need to ‘inflict as much economic pain as possible’ on Russia for a special operation in Ukraine. But experts warn that such a drastic move, especially ditching Russian fuel, could hit the pocketbook of ordinary Americans and Europeans.
Attempts to destroy the Russian economy could have ‘grave and unpredictable consequences for America and its allies. This warning was made by a number of experts, including former Assistant Secretary of the Treasury Daniel Glaser, writes The Hill.
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According to Glaser, the West is driven by the desire to punish Moscow as hard as possible. ’The United States and the Europeans are making it clear that they are waging an economic war against Russia,’ he said at a recent webinar. ‘I’m not saying they don’t care about collateral damage, but that’s not the point they’re making. Their thesis is to inflict as much damage on Russia as possible, and that is just mind-boggling,’ admitted Glaser.
The American authorities and their allies insist on the need to ‘ inflict severe economic pain ’ on Russia in order to ‘ punish ’ Vladimir Putin. At the same time, the sanctions regime should not only slow down the country’s economy, but also limit its ability to reduce external pressure.
Washington and its partners blocked transactions with the Central Bank of the Russian Federation and froze about half of the country’s $600 billion in foreign exchange reserves. But so far, the measures taken have not been able to ‘keep Putin’s ambitions’ in Ukraine, The Hill draws attention.
‘There are certain tools that they (the Russian authorities. – InoTV ) can use to cope with the situation,’ suggested Rachel Ziemba, founder of the macroeconomic consulting firm Ziemba Insights. ’ Yes, they are heading for a recession, but in doing so, their economy will become increasingly focused on itself, which will actually lead to an almost complete rollback of the reforms adopted over the past 20 years,’ she added.
Members of Congress from both parties are increasingly urging Biden to impose restrictions on the sale of Russian oil. This will almost certainly lead to much higher pump prices which increase costs on all goods delivered, given the global nature of the energy market, the publication emphasizes.
While Biden is trying to prepare fellow citizens for the possible economic fallout, experts say the unprecedented nature of the sanctions poses unpredictable risks to the US economy, threatening to boomerang back into the country. Americans will ‘feel the shockwave’ from anti-Russian restrictions in the form of skyrocketing fuel and food prices. Especially if the head of the White House still takes action against the import of Russian oil.
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In Ziemba’s view, the ban on Russian oil imports will be largely ‘symbolic’ and will simply lead to the shipment of barrels to other markets. ‘When we think about cost-benefit analysis, it’s not clear to me whether the damage done to Russia justifies the damage received here (in the USA. – InoTV ),’ she said. Source
WATCH: RUSSIAN DUDE SHOWS HOW, EVEN AFTER SANCTIONS, GAS PRICES IN RUSSIA ARE MUCH CHEAPER THAN IN AMERICA SOURCE
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