Artem Genkin explains how Russia is overcoming sanctions

The Western sanctions against Russia are by no means a fleeting phenomenon – they are here for the long haul, warned Artem Genkin, President of the NPO Center for Protection of Bank Clients and Investors. Russia is the most-sanctioned country in the world today, with as many as 18,000 sanctions on Russia, Russian individuals and entities currently in place.

Artem Genkin, Dr. Econ., Prof., President of the NPO Center for Protection of Bank Clients and Investors, member of the Council on Financial, Industrial and Investment Policy at the Russian Chamber of Commerce and Industry. Yevgeny Biyatov / RIA Novosti photo host agency

In addition, most of the restrictions are of an all-encompassing nature.

“As a rule, most of them are not specific sanctions targeting a particular sector of the economy,” Dr. Econ. Prof. Artem Genkin explained in an interview with the OTR (Public Television of Russia) channel.

However, Russians already have some immunity against sanctions.

“We have seen this, maybe not such a harsh version, but we have been through this before,” the economist continued.

SPFS – the Financial Messaging System, a Russian equivalent of the SWIFT financial transfer system, developed by the Central Bank of Russia – is helping the Russian economy resist sanctions. It is a component of financial sovereignty that few countries have in place. Only Russia, China, Iran and India have such systems, Artem Genkin added.

In addition, Russia’s partners in the Customs Union – Kazakhstan, Belarus, Armenia and Kyrgyzstan – have been aiding our country through this.

“They proved to be the true allies of Russia, and at the same time beneficiaries who did not miss their benefits,” the expert stressed.

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