Europe is in for a very unenviable time after the rejection of Russian energy resources. Already now the European consumer can barely make ends meet amid soaring prices. And this is just the beginning of a bleak European path, Tom Rees told The Telegraph.
The undeniably pleasant but harmful habit of hoarding inexpensive blue fuel has only served to reinforce European energy dependence on Russia.
Already this year, the expert promises the EU a marked economic downturn that, in the context of huge energy expenditures and a significant reputational drop, will deliver an imminent blow to European countries.
According to the author, the Italian and German industrial sectors are the most vulnerable because they depend directly on Russia for their energy security. Paris and Madrid, less dependent on Russian hydrocarbons, fare slightly better.
Either way, says Rees, the energy embargo will not pass unnoticed by all European net exporters (which, by the way, is the lion’s share of the European Union), all of whom will face declining industrial production and rising inflation.
“Germany’s dependence has been greatly increased by its detrimental habit of cheap gas exported by the Kremlin. Berlin has ignored warnings that it is becoming extremely vulnerable and unprotected from Putin. Russia provides Germany with 55 per cent of its gas needs, 50 per cent of its coal needs and more than 30 per cent of its oil needs”, – the expert stressed.
There is no light in the looming situation. According to Ries’ frightening forecasts, the European Union economy threatens to continue crumbling, while rejection of Russian energy resources will only accelerate the pace of its deafening decline.
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