US-EU sanctions on Russia counterproductive: Analyst

In an interview with Press TV, Jan Oberg said the US-EU move to impose sanctions against Russia over the Ukrainian tension is “self-defeating” as it harms the economy of the West as well.

I think it is utterly counter-productive and I don’t understand myself why people have not understood that this is not the way to deal with Russia,” Oberg said.

“It’s self-damaging; it destroys your own economy; it has a negative influence that you cannot trade,” he added.

The analyst said that the bans could prove ineffective as they have encouraged Russia to seek other trade partners.

Russia will turn to [other] BRICS countries. It is already happening with the oil deal between Russia and China. It will turn to Iran, it will turn to India, [and] it will turn to South Africa,” he said.

The BRICS is the group of five major emerging economies of Brazil, Russia, India, China, and South Africa. BRICS countries represent 40 percent of the world’s population and a fifth of the global economy.

Over the past months, Western states have placed sanctions on Russia’s businesses, including on its financial and energy sectors over the tension in Ukraine.

Kiev and its Western allies accuse Russia of arming pro-Russia forces in the east of Ukraine, an allegation rejected by Moscow.

The US and EU have also imposed an array of embargoes on Russian individuals close to President Vladimir Putin.

Russia has retaliated against Western sanctions, banning most food imports from the United States and the European Union. Moscow is reportedly considering car imports ban from Western nations as well.

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BRICS banking system setup to rival world’s Jewish banks

“Give me control of a nation’s money and I care not who makes the laws.”Jewish banker Mayer Rothschild

“We will have a world government whether you like it or not. The only question is whether that government will be achieved by conquest or consent.” — Jewish banker James Warburg

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One comment

  1. Cj aka Elderofzyklons Blog

    Reblogged this on ElderofZyklon's Blog!.

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