The economy of Russia is self-sufficient and sanctions won\u2019t kill it, Guan Jianzhong Chairman of Dagong Global Credit told RT. Unlike most Western economies that are suffering from a debt \u201cbubble,\u201d Russia\u2019s problems are caused by \u201coutside hits.\u201d<\/p>\n
\u201cThough it [the Russian economy \u2013 Ed.] has a lot in common with Western economies and the world economy as a whole, its crisis is connected not with domestic problems, but rather with outside hits,\u201d Jianzhong said.<\/p>\n
\u201cTo my mind, the crisis that Russia is facing now is short \u2013term and not that significant. But countries with a huge government debt, or economies with average debt have crises caused by domestic factors and, compared to Russia, their problems are much more serious and will last longer,\u201d he added.<\/p>\n
Despite the fact that these economies resorted to such methods as quantitative easing in order to prevent recession the burden of their loans is still weighing, and they can\u2019t solve this problem, he said.<\/p>\n
\u201cTherefore, I believe that Western sanctions cannot fundamentally undermine the Russian economy,\u201d he concluded. \u201cEspecially after Russia embarked on a strategy of \u2018turning to the East\u2019, the development of economic ties with China and other Asian countries will it help survive the crisis.\u201d<\/p>\n
The ratings agencies had no grounds to lower Russia\u2019s rating, as its economic environment isn\u2019t a reason, Jianzhong said, referring to S&P cutting Russia\u2019s rating to \u2018junk\u2019 status.<\/p>\n","protected":false},"excerpt":{"rendered":"
The economy of Russia is self-sufficient and sanctions won\u2019t kill it, Guan Jianzhong Chairman of […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-387","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\n