Yale Report Says That Sanctions Have Damaged Russian Economy

The Yale University business experts and economists have recently released a report showing that the economy of Russia was badly damaged by the exit of international businesses and sanctions since its invasion of Ukraine.

Despite Russia reeling in billions of dollars from selling energy at high prices, largely unpublished data depicts that Russian domestic economic activity has halted since the invasion last February.

The Yale School of Management has said in the report that “The findings of our comprehensive economic analysis of Russia are powerful and indisputable: Not only have sanctions and the business retreat worked, but they have also thoroughly crippled the Russian economy at every level,”

“Russian domestic production has come to a complete standstill with no capacity to replace lost businesses, products, and talent,” says the report.

The report was produced by the President of the Yale Chief Executive Leadership Institute, Jeffrey Sonnenfeld, and several members of the institute that include business management experts and economists.

The report also states that they were able to get hold of unreleased data from Russian economy experts as well as data in other languages which support their conclusions.

Despite Russia earning more on oil and gas exports, this has still not offset the effects of the sanctions of the West.

The report also says that Russia’s reliance on Europe buying 83% of its energy exports leaves the country with more threats.

“Russia is far more dependent on Europe than Europe is on Russia,” said the report.

Source: Philstar