With strategic efforts Russia overcomes sanctions

By Min Chol

The West continues to ratchet up sanctions against Russia.

The European Council in a recent statement said it would extend the restrictions on natural persons and corporate bodies in Russia by another six months till March 15 2020.

Accordingly, sanctions against 170 individual citizens and 44 organizations are to be prolonged again.

The US has also commenced a new sanction against Russia on the pretext of the Skripal incident.

It is a well-known fact that the persistent Western sanctions are aimed at isolating and suffocating Russia politically and economically.

But the Western sanctions are providing it with opportunities to work to further diversify its economic relations with other countries.

Russia deepens communication and promotes practical cooperation with such strategic nations as the DPRK, China and Belarus, while boosting bilateral, regional and international cooperation with many countries including India and Cuba.

It hosted the 23rd St Petersburg International Forum, the 5th Eastern Economic Forum in Vladivostok and others to promote economic ties with many countries in the world.

It also boosted regional cooperation and international collaboration through the Eurasian supreme economic council meeting, CIS summit meeting and Russia-Africa summit meeting in October and the council meeting of heads of government of the Shanghai Cooperation Organization member states and the BRICS summit in November.

These efforts help Russia consolidate the foundations for overcoming the Western sanctions and developing its economy in a more proactive and diversified way.

For example, last year the amount of trade between Russia and Belarus exceeded $30 billion and that between China and Russia is estimated to reach $200 billion by 2020.

On the other hand, the European Union, which is wedded to sanctions against Russia, suffered economic losses of $240 billion from 2014 to June this year.

Now, Russia derides the EU, saying its sanctions are unproductive and foreign media comments that the Western sanctions has rather boomeranged against the latter without achieving the expected end to isolate the former.

(Pyongyang Times - November 28, 2019)
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