Despite President Biden’s insistence last March that the Russian economy would collapse to ‘rubble’ under US-led sanctions, the ruble still trades at pre-conflict levels while Russia is predicted to outgrow the UK this year.
Marshall Billingslea, Assistant Treasury Secretary for Terrorist Financing in the Trump administration, claimed the sanctions were far too easy for the Kremlin to elude, as exports to Türkiye, Brazil, India, and China – all of whom have not caved to Washington’s sanctions demands – have shot up 50% to plug the gap left by withdrawn trade.
“Anyone who expects massive sanctions on Monday, and on Tuesday the Russian regime would fall is not reasonable,” sanctions attorney Tom Firestone said. “It’s a large economy that has large reserves.
