Mishustin saw “negative returns” from sanctions for Western countries

The global food crisis was a direct consequence of Western sanctions against Russia, but these states “felt the impact,” Mishustin said. He announced the creation of a reinsurance company in the EAEU to support trade -width: 320px) and (-webkit-min-device-pixel-ratio: 2), (max-width: 320px) and (min-resolution: 192dpi)” >

Mizail Mishustin

Western states are stepping up sanctions against Russia and Belarus, while they themselves are also feeling the consequences of these restrictive measures, Prime Minister Mikhail Mishustin said at a meeting of the Eurasian Intergovernmental Council.

“The negative impact of such a policy was felt by its initiators themselves,” — said the head of government (TASS quote).

He is confident that the world food crisis was a “direct consequence” of policies of Western countries, despite the accusations against Russia. According to Mishustin, the usual way of international financial and trading systems is now being violated, they are being shaken, in these conditions the Eurasian Economic Union (EEC) has confirmed its effectiveness. The share of mutual settlements between EEC members in national currencies is growing rapidly, this figure has already reached 75%, he added. The prime minister urged the participants of the association to introduce “our own international financial settlement mechanisms” as soon as possible.

“Another tool to promote business will appear. This is what we agreed on, discussed in detail yesterday— Eurasian Reinsurance Company. We have accepted an agreement on its establishment,»,— Mishustin added.

This organization is designed to provide “insurance support for mutual and foreign trade,” with its help, states will be able to stimulate the development of investment partnerships and provide export loans and cooperation with credit agencies and insurers, he said. The authorities plan to subsequently issue his own securities within this company and finance other projects.

The members of the EAEU are Russia, Armenia, Kazakhstan, Belarus and Kyrgyzstan

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The United States, EU countries, Japan and other countries of the world began to actively introduce sanctions packages from the end of February against the backdrop of the entry of Russian troops into Ukraine. By mid-March, Russia became the world leader in the restrictive measures imposed against it— the country overtook Syria, North Korea, Venezuela, Myanmar and Iran, wrote Bloomberg.

Russian authorities criticize international sanctions. President Vladimir Putin believes that restrictive measures are “akin to a declaration of war” from the “empire of lies”, pointing out that the speed of their introduction is unprecedented, and the sanctions themselves are insane. By mid-June, the Russian president suggested that the economies of the EU countries would lose more than $400 billion due to the sanctions policy. “they dealt a serious blow to their economy, they did it themselves.”

The Accounts Chamber and analysts polled by the Central Bank believe that inflation in Russia will reach 20% by the end of the year. At the same time, the Ministry of Economic Development believes that Russian GDP will decrease by 7.8% by the end of 2022. Only because of the partial EU embargo on Russian-produced oil, the country will miss about $22 billion a year, wrote Bloomberg.

Among the key risks due to long-term sanctions, HSE experts named the loss of macroeconomic and social stability, technological backwardness , as well as increasing demographic problems.

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