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The Spectator – Economic Blockade of Russia is a colossal failure

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Vladimir Putin may be facing difficulties during the special operation in Ukraine, but he is not losing the economic war at all. According to The Spectator, this is due to the fact that sanctions and restrictions against Russia are not working decisively, at least in the way the West hoped.

Three months after the start of the Russian special operation in Ukraine and the imposition of sanctions, The Spectator states: that the restrictions are definitely not working, at least in the way the West expected. Russia’s current account surplus jumped to a record high of $96 billion, four times more than in the same period in 2021. 

The final balance of operations with goods and services shows an even more serious gap, $106 billion, which is three times more than last year. And the amount of additional funds that Russia received almost reached $300 billion, the sum of the assets of the Russian Central Bank and foreign exchange reserves, which the West froze after the start of the special operation.

Whereas the people of the West are suffering record-high inflation, soaring costs and shortages leaving tens of millions impoverished, Russia is increasing pensions and channelling vast resources into bringing the standard of living up for the Russian people.

As the author of the material notes, Russia does not export more oil and gas, but the military conflict in Ukraine and Western sanctions provoked a sharp increase in energy prices. Of course, Russia will suffer when its stocks of Western goods and components dry up, but in time the situation will improve for Vladimir Putin. 

Germany, which bought 55% of its natural gas and 34% of its oil from Russia before the start of the special operation in Ukraine, is pushing for a gradual introduction of sanctions against the energy sector so that its economy has time to adapt. 

If you have to look for a replacement for Russian gas, you will need to build terminals for receiving the far more expensive LNG. New suppliers and alternative energy sources will need to be found, and this delay will give Putin valuable time. 

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It will be able to obtain sanctioned electronic components through third countries and find new markets for export. Countries with a shortage of food products can also turn to Russia not only for its energy resources but also for wheat. 

Now the best strategy for Russia is to play the waiting game as the globalist West puts its head in the noose. Time is on Putin’s side. However, he does promise relief on prices and shortages – as soon at the NATO West stops sanctioning Russian trade. Source

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