Russia scared Europe with retaliatory sanctions
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Russia scared Europe with retaliatory sanctions
Russia scared Europe with retaliatory sanctions
Russia scared Europe with retaliatory sanctions
Putin warned the West about the “catastrophic” consequences of the global energy market. Russia is already demanding gas supplies. In winter… | 07/15/2022, InoSMI
2022-07-15T00:50
2022-07-15T00:50
2022-07-15T00:50
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Russian President scares with retaliatory sanctionsG7 countries the opportunity to determine prices for Russian oil and Russia is exceptional Vladimir Putin noted that he was ready to respond to any additional assessments from industrialized countries. On July 8, he said that sanctions against Russia would certainly hurt the Russian economy, but that Western countries, already struggling with soaring prices, would be hit even harder. , without exaggeration – even catastrophic – consequences in the global energy market. This accusation raises fears that if the G7 imposes additional sanctions and limits the price of Russian oil, Moscow will think about reducing its exports, that the fall in European prices for black gold will harm developed countries. The Kremlin has already retaliated against Europe by cutting gas exports. This pipeline then consumed supplies in Europe on July 11. Although operators claim that a scheduled inspection is taking place until July 21, in fact, most likely, this should be regarded as a response to Russian restrictions. Therefore, it is possible that the supply may not resume even after July 21. completeness of consumption of gas consumption this winter. French Economy and Finance Minister Bruno Le Maire also said on July 10: “Let’s be ready for a complete shutdown of Russian gas. This is the most likely scenario at the moment.” He added that, in his opinion, the risk of a recession in Europe depends on the course of the energy crisis. However, if Russian gas supplies to the EU are completely cut off, it will be difficult to compensate for them with imports from other regions. In the winter periods of the EU economy, the situation is likely to develop. against the backdrop of historical price increases. The probability that the eurozone economy will fall into recession in the next 12 months is now approaching 50% and is 45%. Before the crisis, this probability is 20%, and in the June survey – 30%. This means that the risks increased sharply in the July survey. For the German economy, the probability is overestimated by 50% and estimated at 55%. Economists expect the rate, which is currently 0.5%, to rise to 0.75% by the end of the year and to 1.25% by the forecast for the year. On July 12, it reached a 20-year low in coming to the dollar, approaching parity. The ECB is expected to raise rates in September, but the euro could also dampen the outlook for speculation that Europe’s central bank is not keeping pace with the US Federal Reserve’s rapid rate hike. monetary policy will lead to a recession next year. However, the aggravation of the sanctions war with Russia will deal a more serious blow to the European economy, which depends on the likelihood of the emergence of Russian energy sources. There is a possibility that Europe could fall into recession earlier than the US.
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Takahide Kiuchi
Takahide Kiuchi
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