The only way to neutralize Russia, which is potential danger for the region, is to cut its economic vein. This is the way that the West think to be right.
Ongoing military tensions with Ukraine have already caused public concern in both countries. Tensions first arose at the diplomatic level, and then spread to the masses. At present, not only diplomats, but also people from Europe and the regional countries living in Ukraine are forced to leave the country. Although this does not have a strong impact on Russia in terms of its geographical size, it has begun to sow some fear among the masses, especially among migrants living in Russia. It should be noted that more than 2 million Azerbaijanis live in Russia, and some of them live in Ukraine and the area close to Ukraine's border. The conflict, on the one hand, and economic sanctions, on the other, call into question the future of a weakening Russia.
Russia imported 50 tons of US dollars into the country last week following new EU sanctions against Russia. In addition, Russia's isolation from the SWIFT banking system has caused serious concern within the country. How will Russia continue to withstand the tensions and economic sanctions? In the meantime, how will the situation in Russia affect the fate of our compatriots living there?
Speaking to Ednews, economic expert Eldaniz Amirov has provided aswers for the questions.
"The impact of what is happening between Russia and Ukraine on the people living there is understandable and obviously poses a serious threat not only to their social life, but also to their physical well-being," he said. Therefore, it is natural for these people to be worried. As for the results, I can say that if this conflict enters an active phase, it will have at least negative economic and psychological effects.
The economist also touched on the possible tensions in the country if Russia is excluded from the SWIFT banking system.
"The imposition of sanctions on Russia and, moreover, the withdrawal of the country from the SWIFT banking system will have very serious consequences for the country's economy. Even this decision will put the Russian economy under unprecedented pressure. It will also have a negative impact on the economies of countries that have a large share in the purchase of energy from Russia. Because if there are problems with payments, the level of exports will change dramatically, and then the European countries themselves will have serious problems in this direction. But I think that these are not similar problems, and Russia will be the one to suffer the most in this direction. The European side will be able to find a way out of the situation."
He stressed that Russia must make two choices in order to find a way out of the current situation.
"Given the damage that the upcoming sanctions could do to Russia's economy, I can say that Russia needs to step back," he said. It depends on two choices that Russia can make: either Russia must build a similar system that can replace the SWIFT system, which has failed to do so in the past, or it must abandon its dangerous policy to occupy territory of Ukraine. Otherwise, the Russian economy is in serious danger," the expert said.
Eldaniz Amirov also spoke about the problems that the economic crisis could do for our compatriots living in Russia.
"As I mentioned earlier, if the conflict enters an active phase, this process will have a serious impact on the economic interests of Azerbaijanis living in Russia. Both their families in Russia and in Azerbaijan may be suffering from this tension.
First of all, our compatriots in Russia will find it difficult to tranfer money to their families in Azerbaijan due to the imminent obstacles and economic crunch. At the moment, it would be a smarter and more logical choice for Russia to step back."
By Elnur Enveroglu
