Russian tycoon claims Western sanctions have backfired
Tycoon Alisher Usmanov has labeled the Western sanctions imposed on Russian businessmen as “a colossal mistake.” Read Full Article at RT.com.
TroibNews 
Sanctions aimed at Russia have failed to achieve their intended effects and have caused more difficulties for EU countries than for Russia itself, according to metal industry mogul Alisher Usmanov.
Speaking to Corriere Della Sera on Thursday, Usmanov claimed that the punitive measures have backfired.
“They wanted to harm the Russian economy, and here it is growing. They wanted to punish the business elite, and the Russians brought the money back home. The Russian economy is adapting to the sanctions, while neighboring markets are suffering. Europe rejects Russian energy resources and is forced to buy them at a much higher price,” he explained in the interview.
In 2023, Russia's economy saw a 3.6% increase despite various sanctions imposed by the EU, the US, and other allies since the beginning of the conflict in Ukraine in 2022. In contrast, Germany experienced a recession last year, with other major economies in the EU like France and Italy recording growth rates below 1%.
After the disruption of the Nord Stream pipeline in September 2022, which severely cut the gas Russia could supply to the EU, the European bloc has had to import significant amounts of liquified natural gas from the US, which, according to Russia's Energy Ministry, costs 30-40% more than Russian pipeline gas.
Usmanov criticized the EU's approach to sanctions, particularly those that target individuals associated with the Russian government. He described the West’s actions as “a colossal mistake” since, in his view, “they do not influence decision-making.”
After the onset of military actions in Ukraine, Usmanov, originally from Uzbekistan, found himself listed on sanction lists in the UK, EU, and US. These sanctions have hindered Russian global investment opportunities, prompting many Russian businessmen to focus their investments domestically.
In 2017, Usmanov was honored with the title of Commander of the Order of Merit of the Italian Republic for his contributions to restoring Rome’s historic Trajan's Forum.
“Sanctions are a sign of impotence,” Usmanov stated, adding that achieving peace in Ukraine would require compromise and negotiation.
Usmanov is a significant shareholder in Metalloinvest, a major player in the iron ore and steel industry, and telecommunications company MegaFon. With a net worth of $13.8 billion, he ranks among the top 100 wealthiest individuals worldwide, as per Forbes.
Anna Muller for TROIB News
Speaking to Corriere Della Sera on Thursday, Usmanov claimed that the punitive measures have backfired.
“They wanted to harm the Russian economy, and here it is growing. They wanted to punish the business elite, and the Russians brought the money back home. The Russian economy is adapting to the sanctions, while neighboring markets are suffering. Europe rejects Russian energy resources and is forced to buy them at a much higher price,” he explained in the interview.
In 2023, Russia's economy saw a 3.6% increase despite various sanctions imposed by the EU, the US, and other allies since the beginning of the conflict in Ukraine in 2022. In contrast, Germany experienced a recession last year, with other major economies in the EU like France and Italy recording growth rates below 1%.
After the disruption of the Nord Stream pipeline in September 2022, which severely cut the gas Russia could supply to the EU, the European bloc has had to import significant amounts of liquified natural gas from the US, which, according to Russia's Energy Ministry, costs 30-40% more than Russian pipeline gas.
Usmanov criticized the EU's approach to sanctions, particularly those that target individuals associated with the Russian government. He described the West’s actions as “a colossal mistake” since, in his view, “they do not influence decision-making.”
After the onset of military actions in Ukraine, Usmanov, originally from Uzbekistan, found himself listed on sanction lists in the UK, EU, and US. These sanctions have hindered Russian global investment opportunities, prompting many Russian businessmen to focus their investments domestically.
In 2017, Usmanov was honored with the title of Commander of the Order of Merit of the Italian Republic for his contributions to restoring Rome’s historic Trajan's Forum.
“Sanctions are a sign of impotence,” Usmanov stated, adding that achieving peace in Ukraine would require compromise and negotiation.
Usmanov is a significant shareholder in Metalloinvest, a major player in the iron ore and steel industry, and telecommunications company MegaFon. With a net worth of $13.8 billion, he ranks among the top 100 wealthiest individuals worldwide, as per Forbes.
Anna Muller for TROIB News
