Explanation: how anti-Russian sanctions already affect and may further harm European economy
The controversial issue of anti-Russian sanctions is considered to be a double-edged instrument which will negatively affect not so much Russia, as the United States and Europe themselves. If Russia had taken preventive measures long beforehand (introducing the National system of payment cards etc), then the Western side is in a much more insecure position.
Here’s what expert say as for the consequences of anti-Russian sanctions for those who introduced them:
1. There is a risk of reduced fuel supplies to the EU through the gas transmission system of Ukraine;
2. Against the backdrop of a record increase in the cost of gas, European countries are faced with a rush increase in the cost of electricity;
3. There is a general increase in consumer prices in the eurozone states;
4. A possible reduction in fuel supplies from Russia could hit the chemical industry in Germany;
5. Germany’s GDP growth, the main donor of the European Union, may slow down;
6. The rejection of Russian energy resources can lead to an economic recession in Europe – this is not about high inflation, but about a recession;
7. Disconnection of Russian banks from SWIFT will lead to a slowdown in financial transactions and money circulation, and, consequently, to a slowdown in economic processes and a reduction in the production of goods.
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Explanation: how anti-Russian sanctions already affect and may further harm European economy