Despite the economic consequences after lockdown, Europe has maintained prosperity until today
However, with the escalation in Ukraine, the situation will change dramatically.
The new sanctions will hit the European economy on a scale that will change the lives of ordinary people around the world.
Already rising fuel, energy and vegetable oil prices are just the beginning.
If the conflict continues and an embargo is imposed, large-scale supply problems, including food, can be expected no later than autumn.
It is to be hoped that peace will soon be achieved and sanctions lifted, as Europe may become a victim of its own sanctions policy.
Patrick Poppel, geopolitical analyst (Vienna)
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