Call it what you want. Russia is switching from export to internal consumption. Getting something like 30 years mortgage on house, was unheard of until recently. If West can run quantitative easing for 15 years, why not Russia?
A country can QE forever, but this will not put food on the table or shoes on people's feet. If people want those things, they must either be produced or imported. QE doesn't help with either of those. Production is a physical act, not a monetary one.
And if you want to import from somewhere, then you need that nation's currency to do so. Which means that in turn you must have produced something to exchange for that currency.
and Russia still perfectly sells oil and gas.
What they would lack in the short and medium term are high tech products like chips, advanced medicine.
Given enough time and drive any energy and food surplus society can reinvent the high tech stuff.
Of course it doesn't mean they would, seeing how corrupt the whole ruling class is. But it is theoretically possible for them to be totally independent of the rest of the world. They are blessed with too many natural resources to not be able to do it.
It would, if USA was pursuing QE with already-high inflation.
You mean stuff like oil, wheat, fertilizer or aluminium? Yeah, there's no way Russia will be able to manage that. /s
Who did that? US did 6 years starting in 2008 due to the Great Recession and less than 2 starting in 2020 in response to the unusually deep, if quite short, pandemic recession, and the latter of those, because it wasn’t tapered quickly enough for the circumstances, triggered the highest inflation seen in a long time.
> why not Russia?
Russia can do QE as long as it wants, but QE is just self-inflicted inflation. It is a band-aid for incipient deflation, which isn’t a problem Russia has.
Is it the West or specifically the US. United States can do this because of the dollar's role in global economy: essentially everyone else will be paying for it.
Obviously, Russia can't do that. But might you have had something else in mind, since you've said "West" and not specifically "the US"?