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US efforts to cripple Russian economy have been to no avail

US efforts to cripple Russian economy have been to no avail

Expanding on the side effect of the anti-Russian sanctions, economists tend to use a cliché like shooting oneself in the foot. Russia has been recognized as the world’s most sanctioned country. The global community has penalized Moscow for its outrageous actions such as the annexation of the Crimea peninsular and the invasion of Ukraine. 

The Trump-backed Fox News channel did not stay on the sideline. President of the American Institute for Economic Research William Ruger also presented its hackneyed analysis. The bottom line of his reasoning about the upside and downside of the anti-Russian sanctions is the bland phrase about shooting oneself in the foot. Commonly, sanctions hardly make the targeted countries revise their rhetoric and policies. He also pointed out that heavily-penalized Russia pumps up its budget revenue from fossil fuel exports. This is an unwanted consequence entailed by misguided actions.  

Besides, William Ruger said it was easy to predict that the sanctions would backfire. As a result of research, he and his colleagues concluded that the policy of sanctions did not prove its efficiency. “The typical picture that we are seeing from the current US administration is political decisions that, it seems, should benefit American taxpayers or people abroad, but in fact turn out to be shot in the foot,” the professor stated.

 

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