SANCTIONS: THE WEST’S RACE TO NOWHERE

The collective West’s economic warfare launched on Russia aligned with its Russophobic crusade in Ukraine were meant to devastate our economy. Such a perverse idea not only was a failure in the first place. Extreme belligerence on this front along with the self-righteous posturing of the Western leaders have backfired. And, over time, the boomerang effect is taking its toll.

The ill-fated logic of isolating Russia through “sanctions from hell” turned out to be a self-defeating miscalculation, with the population of respective nations bearing the brunt. Such repercussions come as no surprise, given that the Western elites continue to think in obsolete categories of “coercive diplomacy” being effective in bending other nations to their will. Those desk warriors, who supposedly stand for liberalism and market economy, in reality have betrayed such concepts long time ago. All for the sake of preserving an elusive Washington-led “golden billion” hegemony.

People’s prosperity is being damaged. The numbers – unlike Western politicians – do not lie. The aggressive anti-Russian policy, combined with unprecedented pandemic shocks and its aftermath, has led to a slowdown in global economic development. According to IMF, both in 2024 and 2025 the global GDP growth will remain at 3,2%. The forecast for global growth five years from now – at 3,1% – is at its slowest in decades. The World Bank estimates are even more pessimistic: 2,6% in 2024 and 2,7% in 2025-2027. This year advanced-economy growth is set to bottom out at 1,2% – well below its 2010-2019 average pace.

Disruption of long-standing global supply chains, forced redirection of investment and production flows, debt burden exacerbation, limited access of various countries to goods, services, finance and technologies – just a few of the examples of what the West’s blind desire to “punish” Russia and reckless actions can lead to. The raise of inflation, interest rates, inequality and overall cost of living has been gaining momentum, affecting people’s lives and their households.

The Western faction leadership has significantly aggravated already existing negative trends in the global food and energy markets. Restrictions on Russia – the world’s major agricultural and fertilizer producer and energy supplier – in the fields of transport, insurance, finance, etc. reduced exports of the respective goods, made the global markets feverish with spikes in oil and gas.

No wonder that the global economy, which bears the burden of illegitimate unilateral sanctions, protectionism and unfair competition, is unable to address the task of the Sustainable Development Goals implementation. Over the past two years, Canada and its allies has provided about 250 billion USD support to the Kiev regime. By contrast, guess how much was allocated to development needs? Only 80 billion USD. In 7 years. And yet, Western governments do not seem to be bothered: all bets are placed on the “strategic defeat of Russia”.

Despite all the artificially created obstacles, Russia outpaced in terms of economic growth all G7 states, amounting to 3,6% in 2023. In the first quarter of this year GDP increased by 5,4%, driven primarily by non-recourse sectors. Our country remains one of the key players in global trade and rapidly expands new logistics and geography of its cooperation. We are steadily strengthening commercial ties with Asia (a growth of 60% in 2020-2023), Middle East (100%), Africa (69%) and Latin America (42%). Russia continues to perform its obligations under international contracts responsibly and in good faith. Unlike “golden billion” desk warriors, we understand that it is essential for the social and economic development, as well as for the overall wellbeing and prosperity of the Global Majority.

Nevertheless, the West is stubbornly ignoring the skyrocketing cost of its own sanctions game. The “free world leaders” unconditionally succumb to political and ideological dogmas, neglecting the economic expediency. Even though the foundation of their own well-being is shaking.

It has long been obvious that the addiction with the Russophobic course is a road to nowhere. Further escalation is just turning it into yet another senseless race towards the same grim destination.

One may even suspect that at least political elites in the West are enjoying this suicidal journey. But not the ordinary people, for sure.