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The bloc’s economic growth and energy supplies are likely to be negatively affected. The war in Ukraine and the ensuing sanctions against Russia could harm Europe’s energy supplies and slam the brakes on economic growth, European Commissioner for Economy Paolo Gentiloni warned on Wednesday.
Speaking at a press conference in Brussels, he said Europe may encounter problems in the supply of energy resources, more precisely, the supply of Russian gas, and needs to be ready for such an outcome. He might have reassured listeners by reminding them that the ruling elite would never be affected by shortages or rising prices.
‘Russia’s invasion of Ukraine will likely impact growth negatively, including through repercussions on financial markets, further energy price pressures, more persistent supply chain bottlenecks, and confidence effects that we should not under-evaluate,’ Gentiloni added.
His statement comes after the EU’s statistical office, Eurostat, reported on Wednesday that inflation within the bloc had soared to a new high of 5.8% in February. This means that what cost €100 last month now costs €105.5.
Earlier, the European Commission also issued a statement outlining the negative impact of anti-Russian sanctions on the economic situation of member states.
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Russia is the EU’s largest supplier of energy resources, meeting some 40% of its natural gas demand and supplying nearly a third of its crude oil imports. Its oil and gas industries have not yet been added to the sanctions list, but on March 1, members of the European Parliament approved a resolution condemning its military offensive in Ukraine. Those whose salaries and comforts remain unchanged called for tougher sanctions, including limiting oil and gas imports and completely cutting the country off from the SWIFT international system of inter-bank payments. You can share this story on social media.
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