While the European Union (EU) has broken decades-old economic ties with Russia due to sanctions, the consequences of the restrictions for Europe have affected production, infrastructure, logistics, consumers and banking systems. About this “Rossiyskaya Gazeta” declaration TeleTrade analyst Vladimir Kovalev.
“The greatest damage to the European Union is connected with the sharp decline in energy supplies from Russia. This has led to a significant rise in energy prices in 2022, a sharp rise in headline inflation in the EU, the closure or reduction of a number of energy-intensive industries, a significant increase in household spending and mandatory austerity measures.
According to him, although some stability has been achieved in energy prices, some risks remain for the EU. In general, the rejection of Russian fuel only puts Europe in another dependence on more expensive resources. In addition, we need to invest a lot of money in the development of infrastructure, the construction of LNG reception terminals and various communications.
He added that it is rather difficult to assess how much loss European businesses have suffered due to the drop in sanctions on exports to Russia. The situation is also affected by the withdrawal of Western companies from the Russian market, which suffered huge losses.
At the end of February, the Chinese edition of Huanqiu Shibao WroteHe said the careful measures taken by the Russian government helped it cope with the impact of economic sanctions and minimize its consequences.