Ruhollah Modabber, an analyst in Russian affairs, told IRNA on Saturday that the imposition of sanctions on Russia, which led to a hike in energy costs, can increase the prices of some raw materials and affect all people throughout the globe.
The tension between Russia and Ukraine has impacted the prices of oil and gas in the world, which kicked off since the point that the US urged Ukraine to join the North Atlantic Treaty Organization (NATO) and Russia realized what was going on near its borderlines, so military confrontation between the two neighboring states ended up in Washington’s unilateral sanctions on Moscow especially on its oil and gas industries.
The crude oil hit a record high, reaching 139 dollars barrels per day; thus, people around the world especially in the US experienced a new record high respecting the cost of gas. The White House expected cooperation by Europeans, but they showed that they could not support American sanction policy because European countries are dependent on Russian oil and gas 25% and 30% respectively. The Europeans are also concerned about increase of basic commodities such as edible oil and grains.
Modabber said that imposition of the US’s sanctions on Russian entities and figures has led to a hike in the prices of energy products, which caused social protests.
The West and especially the US have shot themselves in the foot because the sanctions will not merely affect energy sector, he argued, adding that Russia is one of the greatest producers of cooking oil, so such sanctions leads to increase of edible oil prices in Europe.
Elsewhere in his remarks, the analyst said that the US has a long history of imposing unilateral sanctions on different countries, including Iran, without any legal basis; therefore, the sanction policy indicates the United States’ unilateralism, so an anti-sanction alliance is being formed in the world, which consists of great economies such as China, India, Brazil, and so on to utilize their national currencies and omit dollar in international transactions.
China has declared in meetings with European officials that Beijing will not cooperate in imposing sanctions because such policies will expand tensions and crises around the globe, the expert added.
The creation of an anti-sanction bloc will contain the authority and might of the United States, then the power of dollar will decline, he noted.
Russia has been successful in maintaining the value of its currency in the face of the US’s dollar; thus, the US’s sanction campaign has been a failed policy, he concluded.
1424
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