SANCTIONS WILL HIT THE WEST HARD

THE recent incursion into Ukraine will have a profound economic impact on the EU and the West. The imposed sanctions against Russia may cause food shortages in the EU and fuel poverty on an unprecedented scale.

America was energy independent under Donald Trump and was even in a position to start exporting oil and gas to Europe, crushing the EU’s dependence on Russian energy. However, everything has changed during Biden’s tenure. Under the banner of ‘climate change’ Biden reversed this position making the US dependent upon energy imports once more. Sanctions mean the Nord Stream 2 pipeline ready to pump gas into German homes and businesses has now been postponed.

Consequently, Germans and fellow Europeans could have to pay £1,670 for 1,000 cubic meters of gas which is a huge price rise. It is not just fuel increases that are straining household budgets as food is set to rise exponentially as well.

The production of fertilizers is one of the most gas intensive methods, meaning that most of Europe’s fertilizer manufacturing capability has been shut down. Hence, the EU relies on importing fertilizers and wheat from Russia. Without an adequate supply of fertilizers crop production is severely affected.

Therefore, without Russian imports, the possibility of huge price rises in food and even shortages of staple food products is a distinct possibility for the EU and the West.

It is difficult to believe that our elected leaders, the people we trust with our votes, would willingly enforce this impossible situation upon us. Why haven’t they ensured our economic independence from countries that we cannot trust?

Robert Parker