Oil production. File photoMOSCOW, Jun 8Russia will bear the cost of Western sanctions, but they pale in comparison to what the rest of the world expects, a professor of applied economics, founder of the Institute of Applied Economics, told Asia Times. Johns Hopkins Global Health and Entrepreneurship Study Steve Hanke. According to professor, anti-Russian sanctions proved to be counterproductive and completely ineffective in achieving the stated goal of «changing the behavior» of Moscow. .jpg» />»It's suicide.» In Poland, they learned how the United States framed EuropeAnswering the question about the cost of these sanctions for the United States, the EU and the whole world, Hanke noted that there are only assessments on this issue from investment banks, central banks, international organizations such as the IMF, and various NGOs. «These estimates, which are somewhat random and partial — just the tip of the iceberg — indicate that the costs associated with sanctions will be staggering,» he stressed. According to him, although the economic costs for Moscow will be significant, they » pale in comparison to the consequences that those outside Russia will face. «In terms of scale: The EU will incur (huge — ed.) costs, much larger than the US. But the costs and disruptions caused by sanctions will not be limited to the EU and the US. They will spread around the world, placing a significant burden on the poor countries and poor peoples,” the professor warned. As Hanke pointed out, bans on Russian energy resources and their transportation will have a “very negative and serious” impact on the countries of the European Union, with the exception of Hungary. “The United States will not remain unscathed. World oil and gas markets will become politicized and balkanized, and oil will not be supplied as freely as it has been for the past four decades. As a result, everyone will end up paying more than they would otherwise,» he added. At the same time, the professor criticized the statements of US President Joe Biden that inflation in the United States was allegedly provoked by the actions of Russia. Hanke stressed that the problems in the United States are caused by the actions of the Biden and Donald Trump administrations, who during the pandemic printed and spent money like “drunk sailors.” After the start of the Russian military special operation to demilitarize and denazify Ukraine, the West increased sanctions pressure on Moscow. Brussels is seriously considering giving up Russian oil and gas. Last week, EU permanent representatives approved the sixth package of sanctions, including an oil embargo, disconnection from SWIFT of Sberbank, two more Russian and one Belarusian banks. At the same time, Hungary stated that it would agree to new anti-Russian sanctions only if it was provided with guarantees of fuel supplies. As President Vladimir Putin noted, the policy of containing and weakening Russia is a long-term strategy for unfriendly countries, and the main goal of the United States and Europe is to worsen the lives of millions of people.< img src="/wp-content/uploads/2022/06/b66688fb4fe2e7c1556ade613f0bb55c.jpg" />The authors of anti-Russian sanctions in the West miscalculated, Zakharova said
