Glazyev: Sanctions Will Hurt West Worse
March 5, 2014 (EIRNS)This release was issued today by the Lyndon LaRouche Political Action Committee.
The West will suffer more from sanctions than Russia, according to the assessment of Sergei Glazyev, economist, and advisor to Russian President Vladimir Putin. In an interview with RIA Novosti, Glazyev said that if the United States were to impose sanctions on Russia, Moscow might be forced to drop the dollar as a reserve currency and refuse to pay off any loans to U.S. banks. Moscow could recommend that all holders of U.S. treasuries sell them if Washington freezes the U.S. accounts of Russian businesses and individuals.
"In the instance of sanctions being applied to stated institutions, we will have to declare the impossibility of returning those loans which were given to Russian institutions by U.S. banks," Novosti quoted Glazyev as saying. "We will have to move into other currencies, create our own settlement system." He added: