After the conflict between Russia and Ukraine broke out, countries in the Western camp, led by the United States, set off a wave of anti-Russian frenzy. Although almost all of them have suffered serious economic losses due to anti-Russian sanctions, instead of stopping, they are still intensifying sanctions on Russia.
Many Western experts and even politicians believe that sanctions against Russia hit themselves rather than Russia. During the G7 summit, several Western developed countries took new "suicidal" actions to ban the import of gold from Russia. Well-known American economists subsequently commented, saying that this move would cost the United States a high price.
According to official British news, US President Biden said that the United States and other G7 member states will ban the import of gold from Russia. The explanation given by U.S. Secretary of State Blinken is that gold is Russia’s second largest export product, and its export destinations are mainly G7 countries.
Blinken believes that the gold embargo against Russia can cause Russia to lose nearly 20 billion US dollars in revenue every year.
What’s embarrassing is that Blinken didn’t do his homework in advance. Now Russia's second largest export commodity is agricultural products. Last year alone, agricultural exports brought Russia $37 billion in revenue.
Of course, the importance of gold exports to Russia cannot be denied, but the key to the issue is not whether the G7 countries buy Russian gold.
Previously, European and American countries have implemented various embargoes on Russia, with the main purpose of restricting Russian energy exports. The United States has embargoed Russian oil, and the European Union has embargoed Russian coal and oil. Oil is Russia's main source of income. The West naively believes that as long as Russian oil is embargoed, Russia's economy will be severely damaged.
The West is naive and arrogant. They think that if their GDP is high, they can dominate the global economy, but they pay the price for their ignorance. If the West does not buy Russian oil, Russia can sell its oil to other countries. Now that Russia's oil revenue has fully recovered, if this momentum continues, it may earn more than last year.
The West has not grasped the key to the problem. If Russia is isolated and Russian goods cannot be sold elsewhere, it will be okay for the West to pay some price. As it stands now, the West cannot stop Russia from selling its goods to other countries.
In other words, everyone has normal cooperation with Russia, or even expanded cooperation. The West has cut off its trade relations with Russia, which is completely punishing itself. Russia's energy supply is abundant and cheap, and the transportation costs to Europe are also very low. This is a good thing that cannot be found even with a lantern, but the West has kicked itself out of the game.
A Western commentator said that every previous sanction against Russia was a sanction against the West itself, which brought more harm than good. What is strange is that the G7 countries still have learned nothing.
Another commenter also questioned why the West just doesn’t have a long memory and still hasn’t learned anything after so long. “If you don’t have enough of your own scarce goods and you have to sanction the scarce goods, isn’t that going to be difficult for you?”
is not only puzzling. commenters, and some angry commenters. Some people pointed out that the G7 countries have obviously not understood that Putin has long lost interest in these. "While we are thinking about how to live next winter, Putin has already made profits in places far away from the West."
G7 This time, Russia implemented The gold embargo triggered a strong reaction in the West, and its consequences may be more serious than the previous oil embargo.
Oil's influence on finance is not as great as gold. The consequences of rising oil are already serious. Once the price of gold soars, Russia will be able to obtain more income, and the exchange rate of ruble will continue to rise. At the same time, it can also hit dollars and euros. The key to the
problem is as mentioned before. The West just doesn't sell it itself, and it can't stop Russia from selling goods to other countries.The Western embargo measures have caused the prices of embargoed goods to soar, and the increased prices will be sold to other buyers in Russia at a discount, achieving a win-win situation. In this process, the West itself became an outsider and had to bear a series of negative consequences brought about by the embargo.
