22:05 GMT03 March 2021
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    WASHINGTON (Sputnik) - The United States will lose in the long term from sanctions against Moscow because its businesses will no longer have access to the Russian market, Sovereign Wealth Manager Gary Korolev told Sputnik.

    "In the short term Russia loses because it’s very difficult", Korolev said. "In the long run, America loses because their companies lose that market and it’s replaced by other competitors. Or the worst possible fear for a lot of American government officials and the establishment is that Russia creates its own industry in its place".

    READ MORE: Russia to Provide 'Practical' Response to New US, Canada Sanctions — Moscow

    Korolev pointed out that US companies remain interested in doing business with Russia because they see profitable projects. However, American companies are concerned about doing business in Russia because of the threat of retaliation from the US government, he explained.

    "They are trying to do the business and if they can legally avoid the sanctions, they will do business because they see the profit", he added. "But if the new sanctions that come out scare them away from doing business, or it threatens the other lines of revenue then, of course, they are not going to go forward".

    Korolev said US companies are most interested in Russia’s natural resources extraction, medical equipment, among other sectors.

    In 2014, relations between Russia and the West deteriorated over the former's alleged involvement in the Ukrainian conflict and Crimea's reunification with Russia following a referendum. The United States and the European Union have since imposed several rounds of sanctions on Russia's energy, banking, defence and other sectors, as well as on a number of Russian officials.

    Moscow has repeatedly denied the allegations and reacted with countermeasures against those Western nations that have targeted it with sanctions.

    Views and opinions, expressed in the article are those of Gary Korolev and do not necessarily reflect those of Sputnik.

    The views and opinions expressed in the article do not necessarily reflect those of Sputnik.

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    sanctions, sovereign wealth fund, US, Russia
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