EU to face ‘infinitely’ higher energy prices because of sanctions – banker — Analysis

Philippe Villin urged the bloc’s rethinking of its approach to Moscow’s restrictions relating to the Ukraine conflict

Philippe Villin from France, an investment banker, stated that Ukraine was rushed by the EU to help it without permission.

European bureaucrats and politicians in Brussels supported Ukraine “without a democratic debate,”Villin published an opinion piece in Le Figaro’s Monday newspaper. 

“What is worse, they did not even consider it useful to consult with us about the military escalation, or the terrible consequences of the sanctions for our economies,”He stated.  

Villin said that the Covid-19 epidemic had already ravaged the world economy, along with tension between China (and Taiwan), who both are critical to the global supply chains. Inflation has also been a result of the current crisis, which saw energy prices rise and increased risk for shortages. 

“And the worst thing is that Europe is suffering from the increase of the prices of energy and raw materials far more than the United States or China,”Villin wrote.

It is a fact that energy prices in Europe, due to the sanctions will be infinitely more expensive than elsewhere.

A banker stated that the banks would help businesses to succeed. “lose huge shares of the market”If crisis escalates, you may have to reduce your workforce. 

Russia warns it could stop oil exports

“I hope that, before our people eventually revolt, a quick electric shock will open up a political debate, in which we, citizens and business leaders, could challenge our blind politicians and Eurocrats, who are leading us to ruin by lying to us.”

After Moscow’s military attack on Ukraine late February, many countries including EU member states imposed severe sanctions against Russia. 

Following a 10-day maintenance shutdown, Gazprom the Russian gas giant resumed flow of gas from Russia to Germany on Thursday. Ursula von der Leyen, President of the European Commission, had earlier urged EU countries to reduce their use by 15% in August and June to avoid Moscow cutting off deliveries. 

The International Monetary Fund (IMF) warned on Tuesday that Germany, the EU’s chief economic powerhouse, risks losing almost 5% of its GDP if Russia completely shuts off its gas supply. 



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