Anti-Russia Sanctions To Hurt US In Long Run - Wealth Manager

Umer Jamshaid Published March 20, 2019 | 08:05 AM

The United States will lose in the long term from sanctions against Moscow because its businesses will no longer have access to the Russian market, Sovereign Wealth Manager Gary Korolev told Sputnik

WASHINGTON (UrduPoint News / Sputnik - 20th March, 2019) The United States will lose in the long term from sanctions against Moscow because its businesses will no longer have access to the Russian market, Sovereign Wealth Manager Gary Korolev told Sputnik.

"In the short term Russia loses because it's very difficult," Korolev said. "In the long run, America loses because their companies lose that market and it's replaced by other competitors. Or the worst possible fear for a lot of American government officials and establishment is that Russia creates its own industry in its place."

Korolev pointed out that the US companies remain interested in doing business with Russia because they see profitable projects. However, American companies are concerned about doing business in Russia because of the threat of retaliation from the US government, he explained.

"They are trying to do the business and if they can legally avoid the sanctions, they will do the business because they see the profit," he added.

"But if the new sanctions that come out scare them away from doing the business, or it threatens the other lines of revenue then of course they are not going to go forward."

Korolev said US companies are most interested in Russia's natural resources extraction, medical equipment, among other sectors.

In 2014, relations between Russia and the West deteriorated over the former's alleged involvement in the Ukrainian conflict and Crimea's reunification with Russia following a referendum. The United States and the European Union have since imposed several rounds of sanctions on Russia's energy, banking, defense and other sectors, as well as on a number of Russian officials. Moscow has repeatedly denied the allegations and reacted with countermeasures against the Western nations that targeted it with sanctions.