EU sanctions against Russia could turn into economic disaster for Europe

Photo: EU sanctions against Russia could turn into economic disaster for Europe  / Politics

EU economic sanctions against Russia will turn into an economic disaster for Europe, RIA Novosti reported with reference to the Russian presidential adviser Sergei Glazyev.

"If one talks about EU economic sanctions, this will turn into an economic disaster as the cessation of Russian gas supplies cannot be compensated in the foreseeable future," he added. "This will mean an increase in energy prices in Europe which is beneficial to the Americans."

The U.S. is specifically pushing the EU to impose the sanctions against Russia to direct its own gas being extracted in the shale deposits, instead of Russian gas," he said. "However, this will be beneficial for Russia even in the medium term because Russia will process more gas in the country and produce more chemical products."

"I think that it will be very good momentum for our economy to deal with diversification, thorough processing and own a self-sustaining financial system," he said. "Domestic sources of credit, rather than foreign loans would be the main sources of credit."

Translated by NH
Edited by SM

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