US economist Jeffrey Sachs warned the EU about the danger of an embargo on oil and gas from Russia.
The introduction of a complete embargo on Russian oil and gas could cause a recession in Europe. This opinion was expressed in an interview with the Italian edition of Corriere Della Sera by American economist Jeffrey Sachs.
In his opinion, the measure will not have a great impact on the development of the situation in Ukraine and will not have a “decisive” effect on events, but it will seriously hit the European Union.
“A total embargo on [Russian] oil and gas is very likely to lead to a recession in Europe. I don’t recommend that,” Sacks said.
He drew attention to the fact that the embargo could “significantly harm Europe.” At the same time, the economist believes that the European Union should act “more decisively to reach a peace agreement.”
Recall that in the near future the European Commission, headed by Ursula von der Leyen, plans to submit a draft of a new package of sanctions against Russia. Bloomberg revealed the contents of the sixth package of European Union sanctions against Moscow. So, there may include a complete embargo on oil.
At the same time, on April 24, EU Vice President for Values and Transparency Vera Yurova warned that an embargo on Russian energy resources could lead to a serious energy crisis in some EU countries.