Antonov Says Russian Economy Persevered One Year Into Sanctions War

WASHINGTON (UrduPoint News / Sputnik - 09th March, 2023) One year into the unprecedented sanctions campaign launched by the West in connection with the Ukraine conflict, the Russian economy has persevered, while global economic foundations have suffered a serious blow from anti-market decisions like the seizure of assets and a price cap on Russian oil, Russian Ambassador to US Anatoly Antonov said in an interview.

"It's been a year since the United States, together with a group of countries that consider themselves to be a part of the so-called collective West, unleashed a sanctions war against Russia on an unprecedented scale," Antonov told the Kommersant newspaper. "Despite gloomy forecasts, the Russian economy has withstood the unprecedented and comprehensive onslaught.

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Russia's GDP contracted by 2.1% in 2022, the diplomat said, citing latest estimates. This does not look like a "collapse" in any sense, Antonov noted.

The IMF expects Russia to return to growth this year with GDP increasing 0.3%, followed by 2.1% growth in 2024, Antonov added.

Sanctions, particularly restrictions on new technology, have also pushed Russian manufacturers to accelerate import substitution, the ambassador observed.

Yet, the "anti-market decisions" such as "outright theft of Russian assets" and a price cap on Russian oil "have led to serious erosion of the foundations of the world economy," Antonov concluded.