Sanctions War Not Going As Well As Planned - The Economist
Harsh sanctions imposed on Russia by the West over the conflict in Ukraine have so far been unable to deliver the desired result, The Economist magazine has acknowledged, adding that the strategy has “flaws.”
“Russia’s GDP will shrink by 6% in 2022, reckons the IMF, much less than the 15% drop many expected in March... Energy sales will generate a current-account surplus of $265 billion this year, the world’s second-largest after China,” the outlet reported.
At the same time, the energy crisis, which has been provoked by the sanctions war, “may trigger a recession” in Europe, where gas prices spiked by another 20% this week, according to the British magazine. This all means that the expected “knockout blow from restricting Russia] has not materialized,” The Economist said.
