Chirkov: Sanctions pressure on Russia and Belarus to ruin U.S. and EU economies

The sanctions that are now being imposed against Russia and Belarus, against the Union State, will have an extremely negative impact on the development of the economy in the world. We can all see that the geopolitical confrontation between Russia and the U.S. does not help the countries of the West. Now they are already losing their credibility, their degree of confidence has weakened, and this will lead to a sharp inflation and decline in living standards in the U.S. and Europe. This opinion was shared with our channel by Maxim Chirkov, associate professor in the Department of Political Economy of the Faculty of Economics at Moscow State University.

The associate professor of the Department of Political Economy stressed that the decline in living standards in Western countries will indeed be critical.

Maxim Chirkov, Associate Professor at the Department of Political Economy, Faculty of Economics, Moscow State University:

As of today, we see data on Western countries about a sharp increase in inflation. In addition, it is clear that Western countries have moved to underestimate inflation. Today, according to independent estimates, inflation in the United States is already over 16% per year. These are American studies, very serious studies. And it seems that the current sanctions confrontation will lead to a very serious wave of inflation, we can see this in the sharp rise in oil prices and food prices. Traditional producers are affected by the conflict. This is Russia and Belarus.

Maxim Chirkov added that the rise in price will actually be for all types of goods. "I do not exclude that 2022 will be the year when inflation in the West will seriously exceed what we have in Russia. All the prerequisites for this are there," concluded the associate professor of the department.