Western sanctions against Russia will backfire, because Russia is moving towards the BRIC countries and new institutions such as the New Development Bank, said Folker Hellmeyer, chief economist at Bremer Landesbank.
The economist added that the EU will lose out on a lot of projects.…
FH: "I think it will get [to be] a permanent arrangement, and not only on the agricultural side. I think the sanctions imposed by the West will backfire quite significantly… Russia is on the verge of moving towards a different political sphere with the BRIC countries, with the Shanghai cooperation organization, with those new institutions like AIIB and the New Development Bank. And it means that we will lose out on a lot of projects, not only on the agricultural side.
"Once the Russian bear starts to move, it’s not a yo-yo. He will stick to these loyalties which are being built up now. I think it is very, very naïve for Europe to think once the sanctions regime is lifted that everything will be normalized as it used to be. It will take years and years of building trust to get back to that economic partnership we used to have before."RT
‘Russia-EU economic partnership will take years of trust-building to restore’
RT interviews Folker Hellmeyer, chief economist at Bremer Landesbank
1 comment:
no longer than it will take to rebuild Middle/Upper-class economic partnership :()
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