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Israeli media: A senior European Union official hinted that 'Israel' would be held accountable for violating international law in Gaza
Al-Qassam Brigades spokesperson Abu Obeida: The losses incurred by the occupation today in Khan Younis and Jabalia are an extension of a series of top-tier operations
Al Mayadeen's correspondent in South Lebanon: The invading Israeli force is digging a trench and erecting earthen berms, amid detected activity suggesting preparations to install espionage equipment
Al Mayadeen's correspondent in South Lebanon: An Israeli force breaches the "technical fence" in the Wazzani area
Israeli media: 4 Israeli soldiers killed in the Gaza Strip
Gaza Government Media Office: Starved citizens are tempted to head to American-Israeli centers and then are deliberately shot
Gaza Government Media Office: The toll at US-Israeli aid distribution centers is as follows: 110 martyred, 583 wounded, and 9 missing
Gaza Government Media Office: 8 starved civilians were killed and 61 others were injured by the gunfire of Israeli occupation forces and an American security company in Rafah
Al Mayadeen's correspondent: Three martyrs, injured in Israeli drone strike on phone charging station west of Khan Younis, southern Gaza.
Al Mayadeen's correspondent: Four martyrs, dozens of injured as IOF open fire on civilians near GHF facility west of Rafah, southern Gaza.

How do Western sanctions on Russia impact EU economy?

  • By Al Mayadeen Net
  • Source: Al Mayadeen & Agencies
  • 9 Feb 2022 20:56
3 Min Read

The Financial Times says Western sanctions on Russia could impact European energy, trade, manufacturing, banking, and trade markets.

  • x
  • European economies could be hit hard by sanctions on Russia
    European economies could be hit hard by sanctions on Russia

The imposition of US or Western sanctions on Russia could heavily impact European economies, especially the energy, trade, manufacturing, and banking sectors, The Financial Times said on Wednesday.

The British daily said Moscow cutting gas to Europe is Russia's best play in the case of sanctions, but the repercussions of any Russian countermeasure would not only affect European energy.

European policymakers fear and acknowledge that Russia is much more prepared for any sanctions due to President Vladimir Putin's "Fortress Russia" strategy Moscow uses to overcome any harsher sanctions.

FT said the technology suppliers and the manufacturers and exporters of goods are highly dependent on raw materials, and any disrupted trade links would put a lot of pressure on European business.

The article added that the leaders of many major European countries are concerned about the economic repercussions, with many chief EU members voicing concern over their economies.

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The EU counts on Russia as its largest energy supplier, with 40% of its natural gas imports and more than 33% of its crude oil imports coming from the bloc's eastern neighbor, and any disruption of flows would spark a hike in the already high energy prices within the bloc.

Russia is facing the threat of Europe canceling the Nord Stream 2 natural gas pipeline in case of any escalation with Ukraine, and the US is who pushed Berlin to use the pipeline as leverage.

"The geopolitical clouds that we have over Europe, if they were to materialize, would certainly have an impact on energy prices . . . but [they] would also impact growth as a result of reduced income and possibly as a result of reduced consumption and deferred investment," European Central Bank president Christine Lagarde had said last week. 

The Nord Stream 2 issue is being turned into a pressure tool for Washington to leverage Moscow, Russian Deputy Foreign Minister Sergei Ryabkov said today, Wednesday, after US President Joe Biden said Monday the pipeline would not be launched if Russian troops cross the border with Ukraine.

"Nord Stream 2 has long turned into an instrument of pressure on Moscow in the hands of the United States and some figures outside the United States," Ryabkov told reporters.

As Germany and the United States threaten Russia with Nord Stream 2, the German Economy Ministry said the situation with the filling of gas storage facilities is a cause for concern.

As pressures increase, the German Economy Ministry said the situation with the filling of gas storage facilities was a cause for concern.

  • United States
  • Europe
  • Russia
  • Germany
  • Ukraine
  • Nord Stream 2
  • European Union

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