Mitsotakis says EU sanctions has potential to harm Europe more than Russia.
Written by Paul Antonopoulos, independent geopolitical analyst
Western countries and their closest allies imposed new sanctions on Moscow after Russian troops crossed into Ukraine on February 24 in what Moscow calls a special military campaign to demilitarise the NATO-aspiring country. Although the EU enthusiastically followed Washington’s lead in engaging in an economic war with Russia, the harsh realization of sanctions are beginning to set in, with Greek Prime Minister Kyriakos Mitsotakis telling CNN on March 25, when referring to rising energy costs, that “Europe must be very careful not to allow them [sanctions] to harm Europe more than Russia.”
A similar sentiment was shared by German economist Aika Hamer, who said that the EU could face backlash from anti-Russian sanctions and warned that if the German economy collapses, then the whole of Europe will fall apart.
“If the German economy collapses because of these measures, then the whole of Europe will fall apart,” he said. “We may face the fact that diesel fuel or gasoline will cost €4-5 or even €6 per liter. We may also face the fact that most Europeans will no longer be able to afford to drive. Without this, the great prosperous West is nothing more than an illusion.” Hamer also noted that the losers in this situation “will be the middle class and the poorest people in Germany, Europe and the United States.”
Hamer’s warning comes as fuel prices have already reached unprecedented heights and broken different records in the US, the UK and across different EU countries. German motorists have been hit at the pump by the skyrocketing fuel prices — forking out €2.14 for a liter of gasoline and at one point in March paying as much as €2.25 per liter for diesel, thus making it more expensive than gasoline for the first time in history despite government subsidies.
It is recalled that Russian President Vladimir Putin announced on March 23 that the transfer of gas supply payments from so-called unfriendly countries will from now on be conducted in rubles in light of Russia’s exclusion from SWIFT, and effectively from the US Dollar. The demand for rubles was the obvious outcome as it made no sense to supply energy to the EU and the US whilst receiving payments in their own currency that Moscow in turn cannot use or face having frozen.
For her part, President of the European Commission Ursula von der Leyen said that the EU will not allow the payment of Russian gas in rubles as it is, in her view, “a unilateral decision and a clear breach of contract. We will not allow our sanctions to be circumvented. The time when energy could be used to blackmail us is over.” At the same time, she announced a new partnership between the EU and the US, which involves providing more American liquefied natural gas (LNG) to the bloc as a replacement for Russian gas.
However, it was naïve for the Europeans to believe that Russia would tolerate such a situation where they are excluded from Western financial mechanisms but are expected to continue receiving payments in Dollars and Euros. In this way, the main aim of wanting rubles for energy is to support the national currency against such pressure.
Although von der Leyen speaks bravely about replacing Russian LNG with the 15 billion cubic meters (15 bcm) of LNG that Washington had pledged, it does nothing to stop European countries from buying an additional 150 bcm of Russian natural gas that is delivered via pipeline.
“Europe has an import capability that is limited, and they don’t have any additional infrastructure that is going to come online,” Charlie Riedl, executive director of the Center for Liquefied Natural Gas, told VOA regarding greater LNG use in Europe. “Infrastructure that’s currently operational is basically running at capacity right now, and I would expect that it will run at capacity for the remainder of this year.” He added that coming into 2022, the amount of gas held in storage by European countries was well below recent averages, making the continent especially vulnerable to potential supply disruptions.
In effect, in the drive to wean off Russian energy, it will be the West’s Middle Class and poorest who will be most affected by drastically rising costs. At the same time, gas storage amounts throughout 2022 will be at a high-risk level, meaning that if there is a disruption in the supply or there is another unexpected global event akin to a pandemic or to the magnitude of the conflict in Ukraine, it very well could be the case that the EU has allowed sanctions to harm Europeans more so than Russia. Already rising energy and food costs suggests that average European citizens are already suffering.
MORE ON THE TOPIC:
- First Comments From Kremlin: Crimea Is Out Of Discussion
- West Remains Divided On Sanctions Against Russia
Could? Will !
Trying to coerce the largest resource rich nuclear armed superpower like Russia with impotent sanctions was just a hollow Euro-trash fantasy. Russia, China and Iran have upended the deadbeat US dollars and now creating a Eurasian economic order. NATO pussies are biggest losers, enjoy freezing to death without Russian gas and idle factories too. SLAVA ROSSIYA!
President of the European Commission Ursula von der Leyen says if the citizens of the EU have no energy to make bread let them eat cake.
You guys sound like a bunch of school aged bullies. I can understand being loyal to your country. But we all are all human beings and just because your government tells you that the “Other” country are the bad guys, does not mean that it is true. These people are all fellow human beings and have never personally hurt you in any way. NEVER trust your government. Do the research yourself. Do not limit yourself to news sources that are run by your government. Get a VPN, right now they are free to all Russian citizens. This will allow you to safely view the news from other countries without risking a long prison sentence or a run in with your local FSB. There are also some good documentaries on Putin. Ask relatives or friends in Ukraine how things are really going. I have nothing against the fine people of Russia, I have friends in Russia. Research the crimes that Putin has committed again and again. Read about how money from Russian citizens, Military etc. has been stolen and used to line Putin’s pocket. If this helps wake up just one person, it will have been worth my time to post this. I NEVER post political articles or responses, but after reading here, I just had to chime in.
India’s government is working with Russia to use a system developed by the Russian central bank for bilateral payments, according to people with knowledge of the matter, as the Asian nation seeks to buy oil and weapons from the sanctions-hit country.
The plan involves rupee-rouble-denominated payments using Russia’s messaging system SPFS, the people said, asking not to be identified discussing confidential deliberations. The final decision will bebeen taken and the matter will probably be discussed when Russian Foreign Minister Sergei Lavrov arrives in India for a two-day visit on Thursday.
It is quite apparent that the US and EU sanctions against Russia have been ignored by the world’s largest and most powerful states and also exposed the waning influence and marginalization of the west as power shifts to Asia.
Translation We DHOTIWALLAS are DOUBLE FACED ANF HYPOCRITES WE PLAY BOTH SIDES
You Pakistanis are weaker than Bhutan as your American masters are about to overthrow PM Imran Khan just for visiting Russia. The paki loser military is a CIA tool and has no self respect.
Ashok Varma Please note I am not Pakistani nor even mentioned Pakistan in my comment shows you Indians are obsessed with Pakistan instead preaching peace ,prosperity etc learn from Europe how they patched up their differences to become a great trading block with peace and security Now I see how you Indians are referred as dhotiwallas
Well Germany gets almost half of its gas from Russia,so its a case of will,Putin could turn the tap off on friday.
My Eurofags are begging Russia now, help please. The limpdick sanctions backfired.
Im confirming that. Prices went up in all aspects. The bigest price increas is yet to be expected.
The poorest EU failed states like Greece and Italy will be hurt the most as if German economy tanks when Russia stops gas supplies, they lose billions in EU funds. Greek PM is right. It was not smart playing strip poker with Russia with a small pecker.
𝐈𝐟 𝐲𝐨𝐮 𝐰𝐞𝐫𝐞 𝐥𝐨𝐨𝐤𝐢𝐧𝐠 𝐟𝐨𝐫 𝐚 𝐰𝐚𝐲 𝐭𝐨 𝐞𝐚𝐫𝐧 𝐬𝐨𝐦𝐞 𝐞𝐱𝐭𝐫𝐚 𝐢𝐧𝐜𝐨𝐦𝐞 𝐞𝐯𝐞𝐫𝐲 𝐰𝐞𝐞𝐤… 𝐋𝐨𝐨𝐤 𝐧𝐨 𝐦𝐨𝐫𝐞!!!! 𝐇𝐞𝐫𝐞 𝐢𝐬 𝐚 𝐠𝐫𝐞𝐚𝐭 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐟𝐨𝐫 𝐞𝐯𝐞𝐫𝐲𝐨𝐧𝐞 𝐭𝐨 𝐦𝐚𝐤𝐞 $𝟗𝟓/𝐩𝐞𝐫 𝐡𝐨𝐮𝐫 𝐛𝐲 𝐰𝐨𝐫𝐤𝐢𝐧𝐠 𝐢𝐧 𝐲𝐨𝐮𝐫 𝐟𝐫𝐞𝐞 𝐭𝐢𝐦𝐞 𝐨𝐧 𝐲𝐨𝐮𝐫 𝐜𝐨𝐦𝐩𝐮𝐭𝐞𝐫 𝐟𝐫𝐨𝐦 𝐡𝐨𝐦𝐞… 𝐈’𝐯𝐞 𝐛𝐞𝐞𝐧 𝐝𝐨𝐢𝐧𝐠 𝐭𝐡𝐢𝐬 𝐟𝐨𝐫 𝟔 𝐦𝐨𝐧𝐭𝐡𝐬 𝐧𝐨𝐰 𝐚𝐧𝐝 𝐥𝐚𝐬𝐭 𝐦𝐨𝐧𝐭𝐡 𝐢’𝐯𝐞 𝐞𝐚𝐫𝐧𝐞𝐝 𝐦𝐲 𝐟𝐢𝐫𝐬𝐭 𝐟𝐢𝐯𝐞-𝐟𝐢𝐠𝐮𝐫𝐞 𝐩𝐚𝐲𝐜𝐡𝐞𝐜𝐤 𝐞𝐯𝐞𝐫……http://Jobsthings.ml/
the idiot Americans and their terrified impotent EU colonies have enriched Russia with their pitiful sanctions driving up the prices of the commodities that Russia exports to Asia, Africa, Latin America and Europe—well done morons!
I think that war, no matter who wins, is a great leveller. Its like a fight, its doesn’t matter who wins. Reality sets in and all parties understand their position in life better. People watching know they are impotent to intervene. This is whats happening here. Russia is beating on Ukraine and the world is standing by because it has little choice, but outside of that, the what’s what is being reset. Russia is redefining its position in the world for better or worse. They have always been a country of simple wnats, thats the history of communism, and it wont be hard to go back to that. But at least they own their country. Europe is more like a tenent, its rents, and when the music stops that will become very apparent. The great technological achievements of Germany mean very little when can be readily replaced and cant afford their rent. There is nothing new here really, over the last 20 years more and more countries are doing it themselves, For example, Turkey building its own tanks annd drones, N Korea its missiles, Iiran its jet aircraft etc etc. The demand for ‘British expertise’ has mostly gone along with other nations. Europe still has good technical competence but many developing countries can now do without the ‘best’ and can make do with either their own systems or competitor systems. Its a double edged sword. If Russia totally closed its doors with the west it might be for their best. European industrial and commercial might has had its hayday. London can sit their cashing in on its illusionary property wealth whilst Russiand, Indians, Iranians and Chinese etc cash in on open living space and quality of life. As much as anything this is the ‘great reset’ they have all been talking about, only its bbeing achieved by brute force and not left wing lies and ‘saving the environment’.
Lastly, it will all blow over. Even if it takes ten years. ‘relations’ will ‘normalise’ just like they have in the Middle East where certain countries are now speaking to each other again. Qatar springs to mind.
Hear HEAR !
Active French people who work will get through this. As usual
It is always the poorest people, which start revolutions. And here in Germany many are pissed off by German domesticall and international politics long time!
We have evidence that the Russian Government instructed the media to make fake video about Nazi in Ukraine. Don’t believe anyone and anybody in Russia they are lying to you… Be smart research yourself and challenge the Russian officials.. Hey people of Russia please stop believing Russian media. Place don’t be so naive… Go and ask how many troops are killed and missing and injured in Ukraine just do that. Askvyou officials of the Government and don’t believe them Challenge them please Challenge them. Then you will understand how much Russian government is hiding and lying to you and how fake is this propaganda about Nazi.. In all countries of the world are some people who like or sympathise Nazi ideology including in Russia. Actually there more Nazi in Russia than Ukraine.. Just go and ask and Challenge your Government about the situation in Ukraine.
7 hig ranking Generals are dead over 26 hig ranking officers are dead plus hundreds of Commanders. 17300 soliders are dead and counting. Please ask your Government.
Be silent, Ukrofag.
what Russian propaganda, haven’t they banned most Russian media. The media in the west is very hard to believe but what can you expect, it’s a war
cia nazi illiterate alabamy moron in deep pain after Russian domination–was sodomy by taliban pleasurable for you hillbilly perverts?
“we” means nazi hillbilly in alabama trailer park—only evidence you have is your crack pipe
Russia should be courageous enough to accept currencies like Ruble which is backed by gold and other commodities or Yuan which is backed by real industrial products of China. Accepting currencies which are being used for sabotage and for stealing the reserves of other countries is foolishness.
Let the US European arseluckers freeze and suffer…let their industries shutter as their products will be no longer competitive…. GO RUSSIA…VIVA RUSSIA
politicians of Europe will simply not survive incoming elections, they are not kings, most voters do not care about Ukraine and economic war with Russia, next governments will do business with Russia again, US in on different planet so US will stay alone
Our system has replacers and change is normal.
Your version for we dont care is not true. I only see the opposit.
The only worried ones are those 45% not integratable muslims. They are worried we might pay them less for doing absolutly nothing.
jens homo expert pedophile nazi economist—LOL
jens azi moron—“me worry? too senile to worry—-when diapers stinky social worker will find lgbt to find new diaper…normal for jens is stupidity immorality racism failure….desperate ugly old retirshoe shine boyed comes to south front because lonely discarded nazi–no family, no friends–bf left him 45 years ago
jens nazi holm now claims he is more expert than German economist–danemurky inflation increased 10% in 2 months—jens holmo will beg for humanitarian aid from Russia soon—very low standard of living in 4th world cesspool dinkymark—lower in hillbilly fake democracy—USA jens homo now claims he will survive consuming farts produced by danish wind farm—highest energy bill in all EU nation—moron drinks in Denmark becoming senile like jens
The Uruppean elitist filth, that collection of pedovores running the evil EUSSR in Natostan sinkhole Brussels, are more than happy to punish their €uro Peons for the degenerate scum in Washing town. The good news is of course that their “sacrifice” for the anglozionazi empire of shit will bring down the entire house of cards with the end of their IOU fiat filth Saudi Mercan petroscrip toilet paper dollah and basturd €urodollah. Get ready for the great Ponzi flush of the chosenite Wall St shell game and a tsunami of toxic derivative crap to drown the so called western “democracies” in centuries of debt at the cost of the rest of humanity. The jig is up and the free lunch over.
Onward down the crud caked bowl of angloziozi sludge.