Russia sanctions: Who is boycotting what?
July 28, 2022 - Academics from Yale university say Western sanctions on Russia are weighing heavily on its economy and that the country’s sinking GDP makes full economic recovery difficult to imagine.
A mass exodus of over 1,000 global companies from Russia has severely damaged its economy, academics from Yale University in the U.S., including Jeffrey Sonnenfeld, argue.
They say that posturings of strength by Moscow are not a true reflection of the situation and that official data coming out of Russia is false.
In reality, 40 percent of Russia’s GDP has disappeared thanks to foreign companies leaving the country, and almost none of them intend to return anytime soon. To put it another way, 30 years of foreign investment has been wiped out.
They go on to say that Moscow’s assertion that strong oil and gas revenues have been able to stave off the effects of global sanctions is untrue.
Russia’s domestic production has come to a complete standstill and imports have largely collapsed, the authors say. Adding, “Looking ahead, there is no path out of economic oblivion for Russia as long as the allied countries remain unified in maintaining and increasing sanctions pressure”.