Economic sanctions are good for Russia - report

Economic sanctions are good for Russia - report

The economic war unleashed by the West against Russia has backfired and may bring the country much good, former Wall Street financier Michael Hudson has told the German news outlet Junge Welt.

“The West's sanctions are great for Russia. Any country threatened by US sanctions is forced to become self-sufficient,” Hudson said in an interview.

He said that sanctions have effectively pushed Russia toward import-substitution, and the country is on track to becoming completely free of reliance on Western goods.

Hudson also noted that sanctions, while aimed at reducing Russia’s profits from energy exports, instead “brought additional revenue to the Russian state budget.”

“Russia is the big beneficiary of Germany’s energy embargo plans. The less gas Russia sells, the more money it makes,” he stated, referring to the skyrocketing energy prices that grow in correlation with the drop in Russia’s exports.