Russian State Duma Speaker Vyacheslav Volodin stressed today that the global economy cannot develop without Russia, pointing out that sanctions against it have proven ineffective.
"Global economic development is impossible without Russia," Volodin was quoted by the Russian TASS news agency as saying on his Telegram channel, noting that "the sanctions have proven ineffective. Instead of causing the economic damage expected by Washington and Brussels, they hit the United States and the European Union and backfired on them."
Volodin noted that foreign economists are revising their estimates of Russia's GDP for the current year, and said that in March, immediately after the first three packages of sanctions against Russia, experts estimated a 12.4 percent drop in our country's GDP, and expectations were reduced to 4.7 percent after the sixth wave of restrictions.
He added that the situation was reversed with regard to the United States and the European Union, as analysts exacerbated their expectations, recording a decline in the gross domestic product for two consecutive quarters.