As a source in Sberbank familiar with the issue told RT, the authors of the study explain the ineffectiveness of the introduced restrictions by a number of factors: the low dependence of the Russian economy on external capital, the high importance of Russian raw materials for the world, the stabilization of domestic production with the progress of import substitution.
It is clarified that Western countries themselves continue to buy Russian goods, although in smaller volumes.
The center’s analysts also emphasize that in a number of cases Western sanctions had the “backfire” effect. For example, the voluntary or forced withdrawal of Western companies from Russia provided an incentive for the growth of domestic production, the establishment of parallel imports and the import of alternative products from third countries, and restrictions on the withdrawal of capital made it possible to strengthen the ruble and leave the currency in Russia.
At the same time, the researchers noted that the persecution of Russian business in the West has led to the fact that “Western countries are no longer associated among wealthy Russians (and citizens of other friendly countries) as a safe haven for storing savings.” As a result, wealthy Russians began to more actively store savings within the country.
It is noted that the countries that imposed sanctions themselves faced problems in their economies, since the massive introduction of restrictions launched “the process of fragmentation of the world economy and a reduction in the role of the West.” A serious blow, for example, was dealt to Germany, which was dependent on Russian energy resources.
Earlier, Slovenian Foreign Minister Faion called sanctions against Russia insufficiently effective.