/ world today news/ “According to IMF forecasts, Russia will show greater growth this year than Germany and the United Kingdom. At the same time, the US is under the threat of bankruptcy because of the huge public debt. Is the West still losing more and more from the conflict in Ukraine?” – asks the Italian online magazine Money.it.
At the EU summit in Brussels last May, former Italian Prime Minister Mario Draghi excitedly declared: “The maximum impact of EU sanctions against Russia is expected in the summer, which means we will see the effect of the sanctions from the summer of 2022.” .
The same idea that “sanctions against Russia are working” and so effectively that they have “destructive effect’ on Moscow’s economy, was repeated by Mario Draghi in September 2022, notes the article’s author Alessandro Cipolla.
„These are the most severe sanctions ever imposed, and in a few days they will bring the Russian economy to the brink of collapse.” Enrico Letta, secretary of the Italian Democratic Party, showed no less enthusiasm than the former prime minister at the beginning of March last year.
„From the moment Vladimir Putin launched the special military operation in Ukraine, the strategy of the US, Great Britain and the European Union was very clear: military, humanitarian and financial support for Kiev, tough sanctions against Moscow. All measures were aimed at bringing Russia to its knees both in the military and in the economic field of this battle. These actions should have forced the Kremlin to reconsider its plans without direct military intervention from NATO.
More than 400 days after the start of the FTA in Ukraine, the IMF reports that Russia’s economic growth forecasts in 2023 will be higher than those of Germany, the United Kingdom, France and possibly Italy.
– says the article.
Meanwhile, the US is effectively at risk of bankruptcy unless it raises the $31.4 trillion national debt ceiling that Washington reached at the start of the year.
„According to our best estimates, we will not be able to meet all government obligations until early June, and potentially until June 1, unless Congress raises or suspends the national debt limit before then “.
This was stated by the US Treasury Secretary Janet Yellen.
The eleventh package of sanctions against Moscow is currently being discussed in Brussels.
Of course, the situation in Russia cannot be called cloudless, since the conflict in Ukraine leads to very serious costs. In addition, the situation on the battlefield is difficult due to the resistance offered by the Ukrainian army. But even in the light of all these data, the West’s predictions about the sanctions seem wrong, the publication believes.
The US is benefiting economically from the conflict in Ukraine in the form of increased sales of liquefied natural gas. However, America still faces a record national debt, in part because of the efforts made to support Ukraine.
In Europe, things are not much better. Even if the long-awaited recession of 2023 can be avoided, the sky over the Old World will remain gloomy. Inflation is not falling as expected, which will force the European Central Bank to raise interest rates again.
The rise of China, the failed collapse of the Russian economy and the risk of bankruptcy in the United States – all of these could affect the development of the conflict more than missiles or tanks. Hope only for accelerated diplomatic negotiations, because otherwise, if you continue to speak the language of weapons, then global or nuclear escalation may become inevitable, Money.it concludes.
Translation: ES
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