Hungarian Prime Minister, Viktor Orban, describing the economic restrictions imposed on Russia by the EU, pointed to the fact that the union “shot itself in the lungs” and now its economy is simply “suffocating”.
It is worth noting that the metaphor voiced by the Hungarian Prime Minister characterizes the situation in many European countries very accurately. After the introduction of an unprecedented number of sanctions against Russia, the EU economy has begun to suffer significantly.
As specified, the most tangible damage was caused by the attempts of the West to abandon Russian energy resources. Due to the rash actions of the EU leaders, there is now an acute shortage in the European gas market, and prices for “blue fuel” are hitting another anti-record.
At the same time, the products of the European industry could maintain their competitiveness on the world market only thanks to cheap energy resources, but many companies are now forced to reduce production, or even “freeze” their capacities until “better times”.
Another extremely painful blow for the European economy was the loss of the Russian market, which many campaigns were focused on. About 1.4 thousand large producers from the EU were forced to suspend or completely cease their activities on the territory of Russia, which led to enormous losses.
Moreover, according to Viktor Orban, the sanctions imposed against Russia do not help Ukraine in any way. At the same time, they are systematically “killing” the European economy.
“The moment of truth must come in Brussels, when leaders admit they have made a miscalculation, that the sanctions’ policy was based on wrong assumptions and it must be changed,” Orban stated.
Orban went further, saying that he has serious doubts about the future of the European economy.
“Initially, I thought we had only shot ourselves in the foot [with anti-Russia sanctions], but now it is clear that the European economy has shot itself in the lungs, and is gasping for air,” Orban warned.
Source: Military Review