Former International Monetary Fund (IMF) chief economist and Harvard University professor Kenneth Saul “Ken” Rogoff has warned that international sanctions could push Russians into “incredible poverty”.
Because the international sanctions would have major consequences for the Russian economy, according to the expert at the World Economic Forum in Davos. “Look at Iran, look at North Korea, look at Venezuela, look at Cuba – that’s where Russia is going.” The professor added that Russia could become a “giant Iran” in the future.
Contrary to the statements of the Russian authorities, according to which the threatening effects of Western sanctions had not materialized, the measures would have an effect. According to Rogoff, the information from the Russian official site does not correspond to reality. In addition, there is a decline in Russian incomes, which he says indicates a slowdown in production and other sectors of the economy.
Hope for the fall of Putin
Now the expert hopes that the international sanctions will lead to a regime change in Russia. You have to be patient with sanctions, because they have a cumulative effect – an effect that only becomes visible over time. “If the sanctions are enforced and tightened for a long time, they will work,” Rogoff said with conviction. In addition, according to him, Western countries should also consider extending punitive measures in the event of a military victory for Ukraine.
Russia is facing decades of decline
In the first weeks after the start of the war against Ukraine, Russia had become the world leader in the number of sanctions imposed on a state. Initially, experts thought that the Russian economy would fall into a deep crisis within a few months, but that did not happen.
The High Representative and Vice President of the European Union, Josep Borrell, assumed this summer that the imposed sanctions were already having a major impact on the Russian economy. Separately, he pointed to the decreasing dependence of European countries on Russian energy resources – the effectiveness of the sanctions, he said, would become increasingly apparent over time. The President of the European Commission, Ursula von der Leyen, later made a similar statement. According to her, the Russian economy is threatened with “decades of decline”.
Source: Krone
I am Wallace Jones, an experienced journalist. I specialize in writing for the world section of Today Times Live. With over a decade of experience, I have developed an eye for detail when it comes to reporting on local and global stories. My passion lies in uncovering the truth through my investigative skills and creating thought-provoking content that resonates with readers worldwide.
