Putin Makes BOLD Claim

Russian President Vladimir Putin claimed his country will not close itself to the world as it did under the Soviet Union. The condemnation of a possible Iron Curtain follows the European Union consented to a 6th sanction bundle that includes an embargo on Russian oil. The sanctions are retaliation for Russia’s Feb. 24 intrusion of Ukraine.

“We will not have a closed economy, we have not had one and we will not have one,” Putin said during a televised meeting. “We did not have a closed economy — or rather we did in the Soviet times when we cut ourselves off, created the so-called Iron Curtain, we created it with our own hands. We will not make the same mistake again — our economy will be open.”

Under Putin’s management, Russia has actually concentrated on establishing independent domestic markets and enhanced trade collaborations with India, China, and the Middle East.

“Putin says the West wants to destroy Russia, that the economic sanctions are akin to a declaration of economic war,” reports Reuters. “Ukraine says it is fighting against an imperial-style land grab and that it will never accept Russian occupation.”

Some professionals have actually stated Russia’s war with Ukraine, and the subsequent financial sanction enforced by the European Union and the United States, will mess up and favorable financial development Putin has actually made. In addition to the oil embargo, the global neighborhood expelled Russia’s biggest banks from the SWIFT banking system– making it hard to process foreign deals– and froze numerous billions of euros in the country’s reserve bank.

“The problem you have now is we’re basically in a spiral where we don’t know how many unrealized losses there are left to realize,” Maximillian Hess, a fellow at the Foreign Policy Research Institute, told CNBC. “So we still can’t rule out that the ruble could collapse.”

Other financial experts have actually argued the West’s efforts to strongarm Russia into compliance through rigorous financial policies are not succeeding as planned.

Larry King, the economics editor at The Guardian, wrote on June 2 that “sanctions were imposed on Vladimir Putin not because they were considered the best option, but because they were better than the other two available courses of action: doing nothing or getting involved militarily.”

King kept in mind that when the E.U. revealed its oil embargo, Russia increased its sales to China and reveals no indications of withdrawing forces from Ukraine. In addition, Europe’s steady decrease in Russian oil imports avoids the nation from experiencing a abrupt and overall loss in earnings.

“From the start, the Russian president has been playing a long game, waiting for the international coalition against him to fragment,” King notes. “The Kremlin thinks Russia’s threshold for economic pain is higher than the west’s, and it is probably right about that.”

H/T Timcast

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