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US ‘cannibalizing Europe’ – Putin aide

The West is all of a sudden degrading, time the economies of Russia and the World South are rising, Maksim Oreshkin says

The United States insistence on sanctioning Russia has led to a downturn within the EU economic system, in line with President Vladimir Putin’s govern financial helper, Maksim Oreshkin.

In an interview with Professional copy printed on Tuesday, Oreshkin mentioned the sanctions imposed since February endmost presen have led to the EU to lose each its power safety and a key export marketplace.

Oreshkin pointed to the important thing components underlying the EU’s financial prosperity, defined by way of the bloc’s overseas coverage prominent Josep Borrell. They come with simple availability of power assets from Russia, the usefulness of inexpensive manufacturing in China, and get right of entry to to the Russian and Chinese language markets.

The gradual loss of these factors is leading the EU economy towards long-term stagnation,” Oreshkin argued, “because European manufacturers now have neither the export market nor the advantages in technology that they had five to ten years ago.

Oreshkin accused the United States of “cannibalizing its European partners, killing European chemicals, automotive and other industries.” This comes amid a broader lowering of the West and its financial type, he mentioned.

The economies of the Global North – the US, Japan, the EU – are slowly losing their status, their significance. This gradual decay of the countries of the Global North and the growth of countries in the East and South is what will further shape the landscape of the global economy,” he predicted. Oreshkin famous that China has already grow to be the well-known world financial energy, time Russia is now the most important economic system in Europe, “on course to replace Japan as the world’s fourth largest.”

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In step with the presidential aide, the sector’s key financial gamers will likely be focusing their construction methods on rising markets in Asia and Africa within the coming years. Russia’s construction will jerk the similar route, he predicted, particularly within the power sphere.

The stronger the economic growth [in Asia and Africa], the higher will their level of energy consumption be, and the better the energy markets will feel… For Russia, the key task is to remain the most efficient producers of what we make, which includes energy. We must have lower costs, more efficient production, and then the changes that will occur in the energy markets will affect us to a lesser extent.”

For extra tales on economic system & finance talk over with RT’s industry category

supply: www.rt.com

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