The UN has estimated losses of Russia and “enemies” from sanctions in three GDP of Ethiopia

Assessment of the special Rapporteur of the UN Council on human rights, economies that have imposed sanctions against Russia, lost about $100 billion, Russia’s economy – less than half

The cumulative loss of the economies of the EU, the US and other countries impose on Russia its sanctions, amounted to about $100 billion and more than doubled the losses of Russia, said the special Rapporteur of the UN Council on human rights dealing with the negative impact of unilateral coercive measures, Idris, Jaziri at a press conference in Moscow.

“The cost of sanctions in terms of a loss of income of the countries who were the initiators of the sanctions is about $3.2 billion a month,” explained Jazairi (quoted by TASS).

According to his calculations, in total over the past three years these amounts add up about $100 billion the Total amount of losses of Russia itself, Gezairi thus estimated at $52-55 billion or about 1% of GDP.

“$100 billion plus $52-55 billion, which is about $150 billion is three times the GDP of Ethiopia if you can find a better use for those money?” said Jazairi (quoted by “Interfax”).

In mid-2016, analysts at the Centre d’etudes Prospectives et d Informations Internationales (CEPII, the French research centre for the world economy) has estimated that in the period since the beginning of 2014 to June of 2015 the countries that supported sanctions against Russia, sustained a loss of profit amounting to $60,2 billion, 82% of all losses occurred in the export of products not affected by the Russian food embargo.

“This result suggests that most of the losses happened not because of Russian counter-sanctions, and the sanctions of the West”, — reported experts CEPII.

At the end of 2014, Finance Minister Anton Siluanov said that Russia loses $40 billion a year due to imposed international sanctions — 2% of GDP, and in January 2016, Deputy economic development Minister Alexei Likhachev has estimated the losses of the economy from Western sanctions and Russia’s counter-sanctions of €25 billion in 2015.

Later Evsei Gurvich and Ilya Prilepsky of the Economic expert group has estimated accumulated GDP losses of Russia from sanctions for the period 2014-2017 in 6 PCT of GDP in 2013.

Representatives of the Russian authorities repeatedly declared that Western sanctions was even good for the economy.

“It is import substitution, which pushed us partners, what our benefit is. Therefore, we are not talking about the fact that we are creating problems for its economy. On the contrary, we only bring it to new, high-tech frontiers”, stated in October 2015, the President of Russia Vladimir Putin.

Subsequently, however, the head of state admitted that the sanctions negatively affect the Russian economy and even made the payment of compensation for damages suffered as a result of the imposition of sanctions, the number of conditions the renewal of the agreement with the US on plutonium disposition.

“We often repeat like a mantra that the so-called notorious sanctions on us is not really affected. Affect”, — Putin said in October 2016, during the investment forum “VTB Capital” “Russia calls!”, stressing that sanctions harm “not only the Russian economy but the global economy as a whole.”

“Because the Russian economy is an important sector of the world economy. So those who do are hurting themselves in the end”, — Putin said, promising that Russia will cope with this problem.

In March 2017 polls reported that more than a third of Russians (35%) believe that anti-Russian sanctions, Russia went only benefit. Over the past two years, the number of sanctions “optimists” increased twice (in February 2015, there were 17% in mid-2016 — 19%) and reached a historic high. So good about the sanctions, the Russians did not think more than ever.

Author:
Eugene Kalyuk

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UN

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Sanctions

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