Economist Philip Pilkington said in an article for the British magazine The Spectator that accidents on the Nord Stream and Nord Stream 2 gas pipelines could become points of no return for Western economies.
Pilkington writes that after the incidents on the gas pipelines, the European Union is even closer to the “economic abyss”. In his view, Russia will find salvation from economic disaster and avoid it by isolating itself from the US and the EU.
“Europe will no longer be able to import Russian gas, which will lead to a spike in energy prices. This means European countries will have to send more euros and pounds abroad to buy fuel. The higher import costs will also affect consumers, as businesses will try to offset the higher energy costs with higher prices. The current events could be compared to the Great Depression of 1929,” the paper said.
Pilkington added that the “already fragile” US economy would follow Europe’s in the footsteps of the downturn. Meanwhile, Russia, China, Brazil, Argentina, South Africa and together with Turkey, Iran, Egypt, Indonesia and Saudi Arabia are now separating themselves from the West as much as possible.
“With the start of the special operation in Ukraine, the BRICS countries are increasingly strengthening trade and financial ties with each other and with potential candidates to join the organisation. The aim of these economies seems to be to separate themselves from the West as much as possible. If they succeed – and it looks like they will – they can avoid a fall,” the analyst summarised.