RT: Sanctions have made Russian economy stronger; COGwriter: Sanctions did not deter Russia
Pro-Sanctions Sign (Pexels)
RT reported the following:
Sanctions have made Russian economy stronger – top academic
Western sanctions imposed on Russia amid the Ukraine conflict have made the country’s economy stronger, Nikita Anisimov, rector of the HSE University in Moscow, has said.
Speaking on behalf of HSE economists at a parliamentary hearing on the draft of the 2025-2027 federal budget on Monday, Anisimov said sanctions have effectively propelled the restructuring of the country’s economy. According to the expert, this has led to Russia “essentially ceasing” its dependence on the export of raw materials such as oil and gas for income – a task the government has been grappling with for years.
“As a result, today, largely due to the situation of external shocks and the rapid restructuring of our economy, we have been able to significantly reduce our dependence on raw materials exports. Thus, we can say that the sanctions have only made our economy stronger and more resilient,” Anisimov stated.
The subject of Russia’s successes in cutting reliance on oil and gas revenues was raised by President Vladimir Putin at the St. Petersburg International Economic Forum (SPIEF) in June. He noted that Russian GDP expanded by 3.6% last year, bouncing back from a 1.2% downturn in 2022, when the country was first targeted by the West’s wide-ranging economic restrictions. Most of that growth stemmed from non-resource-based industries such as manufacturing, construction, and agriculture, as well as trade, hospitality, and financial services, Putin said.
Last month, Finance Minister Anton Siluanov announced that the Russian economy had continued to expand in 2024, with GDP growth in the first half of the year hitting 4.7%. Siluanov said he expected GDP growth at the end of the year to be 3.9%, exceeding the figure for 2023.
Many analysts, both Russian and international, have noted that sanctions have failed to destabilize the country’s economy. Most have attributed this resilience to Russia’s swift pivot to the East for trade, as well as economic policies implemented to offset the effect of the restrictions.
The World Bank and the International Monetary Fund both raised their growth forecasts for the Russian economy earlier this year. The former predicted it to grow by 2.9% in 2024, and in July upgraded Russia to a “high-income country.”
The IMF in April said it expected the country’s GDP to expand by 3.2%, faster than all advanced economies, including the US, the UK, Germany, and France. 10/08/24 https://www.rt.com/business/605405-sanctions-russian-economy-stronger/
The USA, UK, and EU have been using sanctions against Russia for a very long time. While intended to punish Russia, the sanctions have hurt the sanctioners. And in many ways, sanctions have hurt certain EU nations more than they have hurt Russia.
The US has long had a history of sanctions against Russia and the old Soviet Union. These sanctions, while having certain costs to Russia, have pushed Russia to be more self-reliant as well as less reliant on the West. The view of both the World Bank and the International Monetary Fund support the view that Russia’s economy is doing very well, despite Western sanctions.
As regular readers of this COGwriter Church of God News page are aware, I have long warned about the use of sanctions. Many of which were imposed against Russia in 2014 after its annexation of Crimea.
And back on March 18, 2019, I posted:
It remains my view that Crimea and at least parts of eastern Ukraine will ultimately align with Russia.
International sanctions will not stop biblical prophecies from being fulfilled. (Thiel B. ‘Putin in Crimea as Russia Marks Five Years Since Annexation’ the ‘Kings of the Medes’ will arise. COGwriter, March 18, 2019)
And the events of the past few years confirmed my view that sanctions and threats of sanctions would not stop Russia from having territories align with it. Additionally, Russia has ended up with at least parts of eastern Ukraine aligning with it.
I have long warned of “unintended consequences” of USA sanctions policies against Russia. Sanctions did not deter Russia.
Earlier this year, we put out the following video:
Russia, Sanctions, Transnistria, Europe & Prophecy
In 2014 the USA and European Union put sanctions on Russia because of its acquisition of Crimea. Since Russia’s ‘Special Military Operation’ into Ukraine, more sanctions were added. On February 23, 2024, the EU and USA announced more sanctions. Did the sanctions turn the “ruble into rubble” as Joe Biden hoped? Did Russia acquire more territory as Dr. Thiel warned in 2013, 2018, and 2022 prior to the current conflict? Was he right about sanctions? Will Russia and Europe acquire more territory? Will they one day trade more with each other? Will they one day turn against each other? What about Ukraine, Moldova, Belarus, Georgia, and Armenia? Are the Russian-led ‘kings of the Medes’ prophesied to destroy the coming Babylonian European Beast power? Does Europe, starting with Benelux to the European Economic Community to the European Union look to be fulfilling Daniel 8:9? Steve Dupuie and Dr. Thiel address these issues.
Here is a link to our video: Russia, Sanctions, Transnistria, Europe & Prophecy.
Six years ago, we put out the following video on our Bible News Prophecy YouTube channel:
US Sanctions and Tariffs leading to New World Order?
Russian Prime Minister Dmitry Medvedev said new US sanctions would be a declaration of economic war. Iran, North Korea, China, Europe, and Turkey are also upset about USA sanctions and tariffs. A Turk asserted “Somebody must find a solution and stop the USA.” The BRICS nations see US sanctions and tariffs as helpful to their objectives to trade without the USA. Are “unintended consequences” of USA policies threatening the current Anglo-American world order and leading to a New World Order? What has ‘Lord’ Jacob Rothschild and Russian President Vladimir Putin stated? Does Bible prophecy show that a confederation of Turks, Arabs, and Europeans pose a real threat to the USA and UK? Is the final time of the Gentiles coming? Will it be worse than people imagine? Dr. Thiel addresses these issues and more.
Here is a link to our video: US Sanctions and Tariffs leading to New World Order?
At the beginning of this post is a pro-sanctions sign that pushed to get Russia excluded from the SWIFT banking system.
While that has, to a major degree occurred, Russia had already developed its own alternative to SWIFT (see ‘Russia Is Prepared To Disconnect From SWIFT Payment System: Foreign Ministry’) and has been encouraging other nations to bypass the SWIFT system (see ZH: Russia Urges BRICS Nations To Create Own ‘SWIFT’ System, Warns ‘Sanctions Are Destroying International Order’). Russia also has a lot of gold (see also Gold affected by European & US banking concerns; Russia announced increased gold reserves).
Also, perhaps partially related to the SWIFT restrictions, but also for investment and strategic reasons, Russia has decided to acquire some silver:
Russia may be poised to make a notable shift in its precious metals strategy, with silver potentially emerging as a key asset in the country’s expanding State Fund. According to a report released by Interfax this week and cited by Bloomberg, Russia’s Draft Federal Budget outlines plans to significantly bolster its holdings in precious metals over the coming years. Notably, the budget includes plans to acquire gold, platinum, palladium, and, for the first time, silver.
The inclusion of silver in the State Fund’s acquisition strategy marks a departure from recent trends. While central banks around the globe, particularly Russia, have set records in gold purchases following international sanctions, silver has largely remained off their radar. This latest development suggests that silver’s role in Russia’s financial strategy may be evolving.
A New Phase in Precious Metals Acquisition
Russia’s move comes as part of an ongoing response to economic sanctions that have isolated the country from the SWIFT banking system. Since then, Russia has increasingly focused on diversifying its reserves with highly liquid assets, like gold. However, the mention of silver in this latest budget is significant, as it represents the first time any central bank has explicitly included silver in its purchasing plans during the current bull market for precious metals. …
Despite its shared precious metal status, silver has traditionally been viewed differently due to its widespread use in industrial applications. A large portion of the global silver supply is consumed in manufacturing, particularly in sectors like green energy, which relies heavily on silver for products like solar panels. This has historically influenced the way governments and financial institutions approach silver as a store of value.
Yet with increasing global interest in green technology, silver’s dual role as both an industrial commodity and a potential financial asset could make it more attractive to governments seeking to hedge against economic volatility. 10/04/24 https://www.jpost.com/business-and-innovation/precious-metals/article-823167
Since gold is dozens of times more expensive per ounce than silver, it takes less space to stock silver. As far as silver goes, the Bible shows it will have value after the US dollar tanks. We have a video related to silver:
Silver, Science, and Scripture
What is silver? What is it used for? How long has it been used? Will it have use in the future? There was an archaeological discovery that concluded that silver was used as a form of payment 3,700 years ago in the Levant (roughly the area of Israel, Lebanon, and Syria)–that was 500 years earlier than many thought it had been used there. Was silver shown to be used even a couple of centuries earlier than that by Abraham in the Bible? What is dross? Did ancient Rome have dross coins? Did the USA switch to dross coins instead of silver in 1965? Does the Bible teach against the use of dross? Does the Bible prophesy that silver will have value into the Great Tribulation? Are there Greco-Roman Catholic prophecies pointing to Great Monarch amassing precious metals and the Antichrist using wealth as bait? Will there be a time when people toss their silver into the street? Are there any radioactive risks with silver? Will gold and silver have value in the millennium? What does the word of God teach is more valuable than gold or silver? What should you invest in? Steve Dupuie and Dr. Thiel address these issues.
Here is a link to our video: Silver, Science, and Scripture.
Russia’s decision to add silver to its strategic investments, in my opinion, is wise. And having it looks to do more than dealing with sanctions.
Now, as far as sanctions go, it is not that sanctions do not have a cost to the nation sanctioned and the nation sanctioning, but the reality is that there are usually ways to work around those sanctions.
Related to financial transactions, in addition to coming up with its own system to bypass SWIFT, Russia also took steps this year in order to use cryptocurrencies which bypass SWIFT. Related to that, we made the following video this Summer:
Russia, USA, & Bitcoin
On July 30, 2024, Russian lawmakers passed a bill that will allow businesses to use cryptocurrencies, like Bitcoin, to skirt Western sanctions imposed after Russia’s Special Military Operation into Ukraine. This is to come to force in September 2024. This is hoped to help with trade between Russia, China, India, the United Arab Emirates, and others. What are several advantages to Russia in doing so? Could there be “unintentional consequences” in dealing with Bitcoin? Is Bitcoin “as good as good” or silver? What does the Bible teach about gold? Does the Bible allow for the ‘666’ power to use unregulated Bitcoin? Was a bill been introduced in the US Congress for its Treasury to purchase 1 million Bitcoin? Has Donald Trump made statements about the USA stockpiling Bitcoin should he again become President of the United States? Does the Bible warn against debt accumulation, show that the USA dollar will one day be worthless, and prophesy that the strongest military on the earth will be conquered? Should you rely on any nation, gold, or cryptocurrency? What should Christians rely on? Dr. Thiel and Steve Dupuie address these issues.
Here is a link to our video: Russia, USA, & Bitcoin.
Let me add that a major cost to US sanctions on Russia and others is that more and more countries are looking at ways to bypass the US dollar (see also yesterday’s post: MW: Can America Survive Global De-Dollarization? COGwriter: No!).
The time will come when the US dollar is worth no more than the cotton-paper it is printed on or its nostalgic value.
Sanctions against Russia have repeatedly failed in their official purpose, yet it seems like ever few months there are leaders who call for more of them.
Some items of possibly related interest may include:
Russia and Ukraine: Their Origins and Prophesied Future Russia in prophecy. Where do the Russians come from? What about those in the Ukraine? What is prophesied for Russia and its allies? What will they do to the Europeans that supported the Beast in the end? There is also a video sermon available: Russia in the Bible and in Prophecy as are two video sermonettes Russia, Ukraine, Babylonian Europe, and Prophecy and Ukraine in Prophecy?
Is Russia the King of the North? Some claim it is. But what does the Bible teach? Here is a link to a video, also titled Is Russia the King of the North?
Ezekiel 38: For Russia & Iran in Our Day? Is Ezekiel 38 about to be fulfilled? Are we close to the battle with Gog and Magog? Four related videos are available: Ezekiel 38 Gog and Magog War: Is it Soon?, Ezekiel 38: For Russia, Ukraine, & Iran Now?, Russia, Iran, Syria, & the Bible (Code), and Gog, Magog, Vladimir Putin, and Ezekiel 38?
The End of US Dollar Dominance Is the USA losing its economic status? What about the petro-gold-yuan? A related video is also available: US Dollar being challenged by Gold-Petro-Yuan.
The Plain Truth About Gold in Prophecy. How Should a Christian View Gold? What About Silver? What do economists and the Bible teach about gold? Gold and silver may drop in value. Inflation/deflation? What do Christians need to know about gold and silver? Two videos of related interest may be: Germany, Gold, and the US Dollar and Silver, Science, and Scripture.
Lost Tribes and Prophecies: What will happen to Australia, the British Isles, Canada, Europe, New Zealand and the United States of America? Where did those people come from? Can you totally rely on DNA? Do you really know what will happen to Europe and the English-speaking peoples? What about the peoples of Africa, Asia, South America, and the islands? This free online book provides scriptural, scientific, historical references, and commentary to address those matters. Here are links to related sermons: Lost tribes, the Bible, and DNA; Lost tribes, prophecies, and identifications; 11 Tribes, 144,000, and Multitudes; Israel, Jeremiah, Tea Tephi, and British Royalty; Gentile European Beast; Royal Succession, Samaria, and Prophecies; Asia, Islands, Latin America, Africa, and Armageddon; When Will the End of the Age Come?; Rise of the Prophesied King of the North; Christian Persecution from the Beast; WWIII and the Coming New World Order; and Woes, WWIV, and the Good News of the Kingdom of God.
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