Kenneth Rogoff, former Chief Economist of the IMF: Russia faces ‘incredible poverty’ from international sanctions

Harvard professor and former Chief Economist of the International Monetary Fund Kenneth Rogoff spoke about international sanctions against Russia at the World Economic Forum in Davos, where he said he believes sanctions have already had a significant effect on the Russian economy. Furthermore, he believes that in the future Russians will face “incredible poverty, compared to what [they’ve] become accustomed to.” 

“Look at Iran, look at North Korea, look at Venezuela, look at Cuba. That’s where Russia’s headed,” Rogoff told the audience at the forum. 

Rogoff said he “doesn’t believe anything the Russians say when it comes to numbers,” and that several factors, including the fact that much of Russia’s revenue now appears to come from oil, indicate that production and other economic sectors have already slowed down. He also expressed the hope that long-term sanctions could lead to regime change in Russia, even if the war first ends in a decisive military victory for Ukraine.