Inflation likely to rise in Europe due to anti-Russian sanctions

This opinion has been shared by the Chairman of the Republican Znanie Belarusian Society, political expert Vadim Gigin

In his talk with Alfa Radio, Mr. Gigin stressed that, by imposing sanctions against Russia, the West is seriously hitting its own economy.

“Nobody will kill the Euro so quickly. This failed to be done even during the 2008 crisis when the issue was directly raised – despite a gap observed on the part of Greece and southern European countries. I do not observe such trends now. Meanwhile, we already see that inflation will be high," the expert noted, adding that inflation in Europe is growing from the West to the East. Its figures will continue rising since the first sanctions imposed against Russia were not as critical for the collective West as the next ones will be.

“Having survived the first blow, Russia will be able to take counter-sanctions, and [Europeans] are seriously afraid of this. [Such measures] envisage losses of hundreds of thousands of jobs and tens of billions of Euros," Mr. Gigin stressed.

According to the expert, when it comes to Russian oil and gas, it is not enough to simply lower the temperature in European flats and put sweaters on. Many industrial enterprises use this energy and, if its supplies from Russia stop, then Europe may face a serious increase in food prices.

“Although they [European authorities] continue saying that they will survive everything, people in the West have no confidence in this,” Mr. Gigin stated.