The new anti-Russia sanctions introduced by the United States, if anything, will accelerate import substitution in Russia, Deputy Minister of Industry and Trade Oleg Bocharov said.
According to the official, the money that used to be spent on imported goods will now remain inside Russia and can be channeled to develop modern technologies and production, and to increase the salaries of employees, RBC reports.
This kind of pressure against Russia has not been stepped up just this month, Oleg Bocharov added. This policy originated long before that, during the Soviet time, he said pointing out that the Soviet Union subsequently collapsed back then.
Invest Foresight previously reported financier Oleg Vyugin’s forecast on sanctions that would destroy the Russian economy. According to him, the Russian economy will experience a powerful shock when sanctions are imposed on Russian oil exports.