“The total volume of losses of the world economy from anti-Russian sanctions will be colossal” – an interview with Leonid M. Grigoriev

In the interview for HSE Daily, Academic Supervisor, Professor of the School of World Economy at the Faculty of World Economy and International Affairs at the National Research University Higher School of Economics Leonid Grigoriev spoke about the sanctions campaign against Russia and analyzed what the global economy will face in the near future.

Main theses:

• Today there are three main problems of the world economy. The first is high prices for energy, raw materials, foodstuffs. All actions against Russian energy exports can automatically create additional trouble in the market and, as a result, affect the enormous amount of losses in the global economy.
• The second problem is inflation in developed countries. Calls to all exporters of the world to increase production and at the same time a ban on oil imports from Russia to the United States also affect prices: gasoline for the population rises sharply in price, setting historical records in the country.
• The third one is increased risks in financial markets. The financial sector is in a state of shock due to the threat of an artificial Russian default.
• The financial impact of international sanctions could have a negative impact on global economic growth, as forecasts for 2022 have already begun to decline.

The full text of the interview is available here.