As a country’s economic isolation increases, its well-being may decline and its economic development may slow. About this in an article for the magazine “Economic Conversation” Wrote Ksenia Yudaeva, First Deputy Governor of the Central Bank of Russia.
“Under the current conditions, it is important to prevent a strengthening of economic isolation and even a slide into autarky, as this will lead to a decline in well-being and a slowdown of economic development,” Yudaeva said.
According to him, it is now important to at least maintain economic ties with friendly countries and create production chains. In addition, the closure of some of the economic information due to sanctions caused the agencies to not be able to make decisions based on real economic data. In particular, those investing in the financial market have been particularly hard hit.
He added that Russia had to make new calculations as the possibilities of financial transactions in dollars and euros were limited due to the sanctions. In particular, one of the ways to adapt was to outsource financial services to other countries’ financial systems. However, in this case, it is necessary to monitor the possible risks of secondary sanctions and the stability of the financial systems of other countries.
21 April PhD in Economics, finance expert Vladimir Grigoriev declarationThe global financial crisis will worsen if Western states completely ban exports to Russia. According to him, as a result of such measures, the cost of a number of goods will increase significantly and a price disproportion may occur in the world market.