Sanctions unlikely to succeed, economist points out

WASHINGTON－Sanctions, which cause considerable damage, are "unlikely" to succeed in achieving political aims, said a renowned economist in the United States.

"The United States and the EU are very energetic in the imposition of sanctions, trade barriers, technology barriers and financial barriers toward Russia … I do not agree with this," said Jeffrey Sachs, director of the Center for Sustainable Development at Columbia University and a senior United Nations adviser.

Sachs made the remarks after the White House announced late last week that it will revoke Russia's most favored nation trade status and will ban imports of Russian seafood, alcohol and diamonds, the latest move in several rafts of Western sanctions against Russia amid the conflict.

"The rampant use of extraterritorial sanctions and secondary sanctions is unlikely to succeed in their political aims (of the US government), but do cause considerable damage," Sachs said.

The economist, who served as a special adviser to three consecutive UN secretary-generals, said he believes that negotiations are a wiser and better choice to settle disputes.

The notion that all nations and people of goodwill should support the North Atlantic Treaty Organization's enlargement into Ukraine is a "terrible" and "provocative" idea and should be taken off the table, said Sachs, adding that a country's sovereignty should be respected and its internal affairs brook no interference.

'Increased readiness'

He called for "an increased readiness of all sides" to negotiate a solution to the Ukraine crisis.

"It is the failure of diplomacy and the resort to force that is our greatest collective threat," he said.

"We should aim at a peaceful, multipolar world in which no country aspires to be a global 'hegemon', and in which alliance politics are replaced by the global rule of law, mutual respect, noninterference in the internal affairs of other nations under the UN principles, and the global rule of law and UN multilateralism."

Sachs urged the US government to "exercise greater prudence and self-restraint", and encourage other countries, including Russia, to do so as well.

Xinhua