Friedman warned of "strong damage" to the Russian economy from sanctions

Western sanctions will have a "fairly strong" impact on the Russian economy as the ruble is under pressure, household incomes are falling and inflation is rising, Russian billionaire Mikhail Fridman, who has fallen under Western restrictions, said, according to REUTERS.

“[The Russian economy] will still exist, that’s my guess — I don’t think the economy will disappear,” Friedman said.

Friedman previously called what is happening in Ukraine a tragedy for the Russian and Ukrainian peoples, which must stop, The Financial Times reported, citing his letter to employees of his investment company LetterOne. “I am convinced that war can never be the answer. This crisis will cost [many] lives and damage two peoples who have been brothers for hundreds of years,” the businessman wrote.

The United States and the European Union agreed on February 27 to impose sanctions on the “paralysis” of the assets of the Central Bank, freezing the assets of representatives of the Russian elites and their families, as well as disconnecting a number of Russian banks from the SWIFT system.