Russian Energy Exports to China, India Key to Thwarting US Sanctions

04:42 PM @ Thursday - 29 February, 2024

US sanctions on Russia have not had the desired consequences of slowing Moscow's economy due to the continued flow of Russian energy exports, former member of the International Monetary Fund (IMF) executive board Hossein Askari told Sputnik.

Askari highlighted that while the US is hesitant to sanction China and India which are Russia's key gas importers, the Russian economy will develop.

"Two countries that need oil and gas are China and India, these are big countries that are willing to defy secondary US sanctions," Askari said. "As long as the price of oil and gas is at an acceptable discount and they know that the US cannot afford to sanction them too, especially not China."

Askari added that Russia has learned some lessons on how best to evade certain sanctions.

Last week, the United States rolled out approximately 500 new sanctions on Russian people and entities, including in the energy sector, in light of the two-year anniversary of Moscow's special military operation in Ukraine. Overall, the United States has imposed some 3,500 anti-Russia sanctions on individuals and entities since the start of Russia's special military operation in February 2022.

Earlier this month, International Monetary Fund (IMF) spokesperson Julie Kozack said that Russia’s economy has surprised spectators in terms of strength and growth despite Western efforts to restrict its economy through sanctions.

However, Kozack added that the IMF projects these sanctions and human capital issues may impact the Russian economy in the medium term.