Published 22 January 2023 at 13.02
Foreign. Sanctions against Russia will have major economic consequences – this year. It takes time before they start biting seriously, according to a Swedish expert.
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The economy in Russia is heading for a difficult year with major economic consequences as a result of sanctions imposed on the country by the West. That's what Torbjörn Becker, head of the Eastern Economic Institute at the Stockholm School of Economics, tells Ekot.
International calculations show that the Russian economy will decrease by 2-5 percent during the year. However, Torbjörn Becker does not rule out an even bigger loss. He believes that if oil prices continue to fall, a minus sign of 10 percent is expected.
According to Torbjörn Becker, it is the development of oil prices that explains 75 percent of the development of the Russian economy. He also points out that for the Russian population the war that President Putin is involved in will be very costly.
– As long as Putin wants to war, he will war but it will cost much more for the Russian population, says Torbjörn Becker.