Sanctions Against Russia to Boost Global Economic Growth 

by Roman Cheplyk
Thursday, March 16, 2023
Sanctions Against Russia to Boost Global Economic Growth 

The embargo on Russian oil affected households, enterprises, and governments

The Wall Street Journal reported that the world economy is growing despite the general sanctions that have been imposed against the RF. It is no secret that many countries depended on the goods and services of Moscow. For example, Bangladesh gets many raw materials from Russia to build the Ruppur nuclear power plant but still accepts the terms of the sanctions. The same applies to oil, which was the subject of much debate and concern.

However, restrictions on Russian oil have brought positive changes to the world. The first results showed that setting the price of a barrel of Russian oil reduced the Kremlin's revenues by a third from the half of 2022. This has led to the development of the independence of other countries' fuel capacities and the growth of the world economy. The most significant changes occurred in the household and businesses. The Wall Street Journal notes that World Banks fear inflation by raising interest rates. This leads to higher profits in the areas mentioned above of the countries.

In addition, Capital Economics reports that Europe last year saved on gas, as it reduced the price of Russian products through sanctions. Estimated savings in Italy – 3.5% of gross domestic product, Germany, Portugal, and Spain – about 2%.

Thus all mating of the Kremlin and Russian propaganda with reports about the crisis in Europe is no more than another attempt by Moscow to destroy civilised society.

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