US using sanctions to counter Russia's transnational economy, expert says

ISTRA /Moscow Region/, September 30. /TASS/. The United States is using sanctions and economic pressure to counter the growing influence of Russia’s transnational economy, corresponding member of the Russian Academy of Sciences and director of the Primakov Institute of World Economy and International Relations (IMEMO) Fyodor Voitolovsky said at a session of the 23rd Annual Meeting of the Valdai International Discussion Club.

He noted that today "investment by Indian companies that are becoming transnational is growing, while many Russian companies have also become transnational."

"This is what the United States and its allies are primarily fighting against by creating this system of sanctions, restrictions, and economic pressure," Voitolovsky said. "They are fighting to prevent Russia from becoming one of the leading players in the global economy, with a vast transnational economy built around Russian companies."

According to the expert, over the past several decades the world has seen "the interests of big business and transnational corporations become increasingly intertwined with the interests of the state."

"With technological development, with advances in modern information and communications technologies, energy technologies, and many other areas, it is becoming clear that without state involvement, without strategic government investment in infrastructure and major long-term projects, and without cooperation between states and large transnational private businesses, neither countries nor transnational corporations, which are no longer exclusively Western, will become more competitive," he said.