Former Russian Economic Minister: If the West lifted sanctions, it wouldn't stop our systemic economic crisis
A systemic economic crisis is taking place in Russia and that is why lifting anti-Russian sanctions imposed by the West will not be enough to improve the economic status of the Russian Federation, Russia’s former Economic Minister Andrey Nechaev stated in an interview with UNIAN.
“I have said many times in the Russian media that we have a systemic economic crisis. As much as some Western and Ukrainian newsmakers would like to blame the sanctions, this isn’t the case. It is funny that some Ukrainian politicians and Russian propaganda are actively using this trick in a strange way – both exaggerate the importance of the sanctions. Our troubles aren’t because of them; our troubles are due to a systemic economic crisis,” Nechaev said.
Nechaev explained that the slow-down and subsequent fall of the main macroeconomic indicators began in 2012 – long before the situation in the Crimea, the escalation of the geopolitical situation and the fall of oil prices.
“The $100 price per barrel was comfortable for Russia. The negotiations with the European Union on a visa-free zone and humanitarian cooperation progressed well. No one thought then about sanctions. Things were very pleasing and then the economy began to nosedive. Sanctions and the fall of oil prices have worsened the situations but they weren’t the primary reason,” the expert said.
“With regard to exhaustion of reserves – there are different assessments. The median assessment is the following: if the things remain the same, as they are now, it will happen in the second half of 2017,” the former minister added.