US expert: Western sanctions against Russia backfire on the world

Hong Kong (ST): The American expert, Steve Hanke, described the Western sanctions imposed against Russia under the pretext of Ukraine as “ineffective” and counterproductive for the entire world.

In an interview with the Hong Kong-based Asia Times, Hanke, founder of the Johns Hopkins Institute for Applied Economics, Global Health and the Study of Business, said: “The economic cost of these sanctions will be great for Russia, but this cost pales compared to the consequences that the world will face,” noting that the European Union will bear the costs.

On the cost of these sanctions, Hanke indicated that there are only estimates from investment banks, central banks, international organizations such as the International Monetary Fund, as well as various non-governmental organizations, indicating that these estimates are random and partial to some extent are just the tip of the iceberg, while the real cost of the sanctions against Moscow will be amazing for the world.

K.Q.