Bloomberg writes that US President Joe Biden’s underestimation of Russia’s economy is reminiscent of Barack Obama’s misguided approach in dealing with Russia, which will trap America as a result, Bloomberg writes
Earlier, the American leader said that Vladimir Putin has “problems.” According to the White House, his Russian counterpart has only “nuclear weapons and oil at his disposal.
The piece notes that the perception of Russia as a power with an economy that produces nothing but mineral resources often appears in the rhetoric of US politicians. However, according to experts from Bloomberg, such a picture does not reflect the truth.
“Russia is not an export superpower, oil and gas aside. It has a large enough domestic market to support one of the world’s largest and, importantly, most resilient economies”, – the article says.
It is pointed out that at one time Obama’s reference to it as a “regional power” and downplaying its status in speeches proved short-sighted and provoked a number of problems for the American establishment.
If Biden’s statement on the Russian economy does reflect his thinking, the US leader is “misinformed or has drawn the wrong conclusions from the reports”, which could lead to “unpleasant consequences”, the report added.