September 20, 2022
Business Insider recently published an article featuring Jay Zagorsky, Clinical Associate Professor in Markets, Public Policy, & Law, discussing the economic disaster Russia faces due to isolation from the West.
Earlier this year, Moscow’s resilience in the face of sanctions surprised analysts, but experts claim Russia’s isolation will eventually lead to economic disaster. In retaliation to the sanctions, Russia has shut out western trade partners, working exclusively with other nations like China and India. Data shows China spent a record-breaking $8.3 billion importing Russian oil products, gas, and coal in August. Yet underneath that defiance, Russia’s economy is withering. Jay elaborates by stating, “What happens is that isolationism reduces the number of products that Russia can buy, it can only buy Indian agricultural goods, it can only buy Chinese manufactured goods, that sort of thing. And when you limit yourself to one particular country you often end up not getting the highest quality, or the best price.”