The underestimation of the Russian economy by US President Joe Biden resembles the erroneous approach of Barack Obama in relations with Russia, which will lead America into a trap, as a result, writes Bloomberg.
The article notes that the idea of Russia as a power with an economy that produces nothing but oil and gas often appears in the rhetoric of American politicians. However, according to experts from Bloomberg, this picture does not reflect the truth.
“Russia is not an export superpower if we put aside oil and gas. It has a large enough domestic market to support one of the largest in the world and, importantly, the most stable economies,” the article explains.
It is clarified that at one time, Obama’s words about Russia as a “regional power” and the belittling of its status in his speeches turned out to be short-sighted and provoked some problems for the American establishment.
If Biden’s words about the Russian economy really reflect his thoughts, then the American leader is “misinformed or made incorrect conclusions from the reports received,” which can lead to “unpleasant consequences,” Bloomberg journalists added.