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The economic war unleashed by Western countries against the Russian Federation has backfired. This was stated to the German edition of Junge Welt by ex-Wall Street financier Michael Hudson.
Western sanctions have rendered a service to Russian leader Vladimir Putin. They not only made Russia economically independent, as the expert stressed, but also brought additional income to the country’s state budget due to rising energy prices. “The Russian economy is becoming self-sufficient,” Hudson concluded.
The US and the EU, according to the expert, “shot themselves in the foot” by introducing numerous restrictions.
When Washington froze all Russian accounts in dollars and euros, Moscow withdrew from the dollar system and transferred payments for oil, gas, titanium and aluminum into rubles. “The countermeasures taken led, on the contrary, to the strengthening of the ruble,” the financier explained.