Photo: AP Photo/Jean-Francois BadiasLike any beating and sanctions, they have two ends. The boomerang of Western sanctions will hit Europe much more seriously than the US and other distant countries
Russia's aggression against Ukraine caused Western countries to resort to economic sanctions. The first measures introduced at the very beginning of the conflict seemed almost symbolic, which caused fierce criticism in the Western public. Sanctions were sharply tightened as the conflict continued, so it is safe to say that they turned into a kind of economic crusade of the West against Russia.
After only ten days, it was the turn of the energy companies. The Western powers did not show unity there, since oil and gas were sanctioned only by the USA and Great Britain. For now, the European Union refuses to join those sanctions: unlike the US, which has large gas surpluses, the EU has to import huge amounts of gas from Russia. Even within the EU, there are different understandings regarding the sanctioning of energy sources, depending on the dependence of individual countries on Russian oil, gas and coal.
In addition, European banks and companies did much more business with Russia than other countries. In addition, Europe will receive several million refugees, who need to be accommodated and supported. Even if Russia "capitulates" and withdraws from Ukraine, it is Europe that will pay for the reconstruction of a huge country with more than 40 million inhabitants.
Russia is also a huge supplier of nickel, aluminum, palladium, as well as inert gases such as neon and xenon. At one point, the price of nickel soared that its trading on the London Metal Exchange was suspended.
Read on the entire text of Bogdan Petroviฤ in the weekly "Vreme" from Thursday (March 17)
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