Russia understands Western sanctions aren’t ‘temporary’ – PM

The restrictions are meant to prevent the country from “choosing its own path,” Mikhail Mishustin has said

Russia’s leadership is well aware the nation is likely to live under Western sanctions for a long time, Prime Minister Mikhail Mishustin said on Wednesday. The government is calculating all the risks associated with the existing and potential future restrictions and is ready for any scenario, he added.

“We understand that sanctions are not a temporary phenomenon. They will not be lifted in an instant. Our former partners have gone too far to just turn around and retreat,” he told the ‘Znanie’ (‘Knowledge’) forum in Moscow.

According to the prime minister, the US and its allies have been slapping Russia with restrictions to “disrupt the economy, hurt the people and hit their standard of living, ‘cancel’ Russia and strip it of the ability to choose its own path based on its peoples’ interests.”

The Russian economy has been weathering the sanctions push well so far and demonstrated its resilience, Mishustin said, adding that some industries still need to fully restore their production chains. The prime minister earlier told the State Duma that the downturn the Russian economy experienced in 2022 was not as drastic as had been predicted, adding that the nation is going back to economic growth now.

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The Russian government’s head also warned that the “sanctions war” ultimately led nowhere and only impeded global economic development. The world is now dominated by developments affecting every aspect of life, the prime minister said, naming the rapid development of information technologies used in various fields as one of such processes. “They [IT technologies] are now an important condition of long-term quality economic growth,” he said.

Last week, the head of the Russian Central Bank, Elvira Nabiullina, said that the Western sanctions Russia had to face last year were worse than “even the most pessimistic scenario.” Although no one could have predicted anything like that, both the Russian people and the country’s businesses demonstrated remarkable adaptability in the face of this new reality, she added.

The US and EU have introduced a total of ten rounds of sanctions over the conflict. In December, the EU, along with the G7 countries and Australia, introduced a price cap on Russian seaborne oil, set at $60 per barrel.