“Large-scale sanctions ... are becoming the most grandiose miscalculation of the West in modern history,” the authors of the article noted.

The publication says that by imposing sanctions, the US and the EU sought to harm the Russian economy, but as a result, they only harmed their own economies, causing high inflation and recession.

Russia, as the authors note, on the contrary, is flourishing.

“According to the IMF, this year the Russian economy will grow faster than the economy of Germany or the UK,” the economists said.

Next year, the Russian economy will show faster growth than the economies of the US, Canada, Australia and France, the authors added.

In February, Belarusian Prime Minister Roman Golovchenko said he was impressed with the performance of the Russian economy amid the pressure exerted on Russia.