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Russia's economic growth shows Western sanctions ineffective, says Europe's largest fund manager Amundi fund manager Amundi's CIO
PARIS, Nov 23 (Reuters) -
Europe's largest fund manager Amundi expects the Russian economy to grow three times faster than the euro zone's in 2024, its chief investment officer said on Thursday, stressing the ineffectiveness of sanctions levied over Moscow's invasion of Ukraine.
Amundi expects Russia's gross domestic product (GDP) to grow by 1.5% in 2024 and by 2% in 2025, compared with 0.5% and 1.2% for the euro zone.
"It means that the United States, Europe, Japan, Australia -- the major developed countries -- are unable to sanction a country effectively," Amundi's CIO Vincent Mortier told reporters at a news conference in Paris on the fund manager's 2024 outlook.
"That's what it means. We can deplore it, but it's a reality."
The impact of the sanctions was visible in terms of asset-freezing for a certain number of people, Mortier said, but not so much on Russia's imports and exports.
Major emerging economies under the BRICS umbrella (Brazil, Russia, India, China and South Africa) as well as countries like Turkey and Kazakhstan benefited from the sanctions as Russia managed to move its exports away from Western countries, Mortier said.
"It's a reality check. In the end, if we take stock of the war in Ukraine: Europe has suffered directly and strongly; for the United States (the impact is) neutral; but Turkey, Central Asia and Asia more generally have benefited," he said.
November 23, 2023 at 09:11 am EST
PARIS, Nov 23 (Reuters) -
Europe's largest fund manager Amundi expects the Russian economy to grow three times faster than the euro zone's in 2024, its chief investment officer said on Thursday, stressing the ineffectiveness of sanctions levied over Moscow's invasion of Ukraine.
Amundi expects Russia's gross domestic product (GDP) to grow by 1.5% in 2024 and by 2% in 2025, compared with 0.5% and 1.2% for the euro zone.
"It means that the United States, Europe, Japan, Australia -- the major developed countries -- are unable to sanction a country effectively," Amundi's CIO Vincent Mortier told reporters at a news conference in Paris on the fund manager's 2024 outlook.
"That's what it means. We can deplore it, but it's a reality."
The impact of the sanctions was visible in terms of asset-freezing for a certain number of people, Mortier said, but not so much on Russia's imports and exports.
Major emerging economies under the BRICS umbrella (Brazil, Russia, India, China and South Africa) as well as countries like Turkey and Kazakhstan benefited from the sanctions as Russia managed to move its exports away from Western countries, Mortier said.
"It's a reality check. In the end, if we take stock of the war in Ukraine: Europe has suffered directly and strongly; for the United States (the impact is) neutral; but Turkey, Central Asia and Asia more generally have benefited," he said.
